SpannerTwister,
I don't doubt that QFF is valuable (although I also think that an element of cash would need to be taken from Qantas to offset the outstanding points balance which is in essence a liability if it is ever separated -- say tomorrow everyone decided to cash their points for toasters or gift vouchers), but the value comes mostly from its ability to sell points to third parties.
but for the price of a 'ticket' that Qantas is able to charge I don't think that loyalty is much more than marketing fluff.
e.g consider a person with QFF Bronze or Silver status wanting to fly SYD-SIN return in Economy
Scoot is $800
Singapore is $1000
What is the most QF can charge and get the booking, knowing the person can earn points.
I suspect its not more than $25-50 over Singapore, and even then some will be choosing Scoot instead.
The really $ focused might even get a cheaper flight on Air Asia going via
KUL with a slightly longer flight time.
For a QFF Gold or Platinum or Qantas Club member, the premium might be a bit more because they get to use their lounge access on a Qantas flight.
Now sure for others (eg. Rainman) they will call their agent and say book Qantas, don't consider anyone else, dont consider price - but sadly that is a very small percentage of passengers.