As someone with alot of points but low status due to infrequency of travel I can tell you I basically never see Qantas as an option to me for international travel
If they want to add in a 'bad value' cash in of points to bleed out people who amassed a load of points, want 'ease' of access to first / business then fair enough.
If they mess with the standard (albeit harder to get exactly what/when you want) usage of points i'll move away from the program...
Yea unfortunately i'm a bit of an infrequent flier, i chase points to basically ensure I dont have to do economy when I travel back to uk every year / every other year.
So i'm only reward seats, only QF points.
I always say, qantas points not qantas metal. I do use their flights but only when i absolutely have to, rather go to a diff airline where at least i'm on an even keel with the status game.