The gauntlet has also been put down, Airbus and Boeing have 5 years to come up with a plane that'll be able to do London, Paris, New York and Rio. Qantas will then consider whether that aircraft suits their needs.
Both Boeing and Airbus will be holding high level crisis meetings as we type. They both know that QF would not be afraid to go to an all Embraer fleet should their demands not be met.