Ok, I'll bite QF... I received this offer and have priced a return SYD-SIN classic for the family (2+1).
Totals shown: as reward seats it will cost 180,000 pts plus $1350 in fines and earn 60 SC p/p and no points. Revenue seat costs $1750 and will earn 60 SC p/p and 10,000 pts p/p (direct from QF) and 4,500 pts via credit card.
So, in summary, the 'reward' is that at a cost of 215,000 pts (180k + 3 x 10k + 5k potential earn) buying a reward seat will save me $400. Or, put another way, doing this will cost me about 535 points per dollar. Which is only slightly better than buying the ticket as a P+P, which will cost 309,000 pts and drop the spend to $0.00.
It gets worse if you consider a J reward, fines are higher and SC earn is the same (or non-existent if I read the T&C correctly).
Thanks QF, but no thanks - even buying a toaster would be a better way to spend my points.... and that is saying something.