I think the concept is awesome but it 'misses' on a few points.
1. Takes a LONG time to work out its a Qantas add as Tony pointed out.
2. It makes me miss home but it doesn't necessarily make me want to fly Qantas- the emotional connection just isn't there.
3. The idea that Qantas is part of your home is missing. This is perhaps a flow on from point 2.
4. Perhaps a tag of 'let us show you our home' would be good for overseas visitors too. Ie, connect Qantas to Australia so that if you're flying here you're 'missing out' on part of Australia if you don't fly with Qantas.
Though it is great to see a return of QF marketing, the one just doesn't quit hit the mark. 7/10 for me.