Seems like there has been a fair bit of trouble with this card in the past however my recent experience has been great.
Signed up at the beginning of October online. Made a couple of calls to the call centre to ensure everything was happening and emailed my payslips after about 2 days. Got my card a week later. Total time from applying to having the card in my hand was only 7 business days. Got my pin and online banking info 2 days after the card and is working with no problems. So far everything in the offer has been confirmed verbally with no issues, $99 annual fee, no Qantas Rewards fee ever, 20k + 20k points, 1 QFP for $1 spend, 2 Qantas Club Entries etc.
Only issue is that the second lot of 20k points and the Qantas Clubs entries won't be available until January. Guess they want to make sure you stick around for a while without cancelling. Fingers crossed all goes to plan and I get the points etc.
edit: Just checked and the first 20k points have hit my QF account