I don't mind it at all.
Yes, they took out all the flair. This is as straightforward as it gets since the old "Subtly" video series, but more natural (oddly enough) and flowing. Kinda oddly refreshing to see features of the cabin actually shown in... well, the cabin.
The AI passengers are a bit weird, but at least the action is squarely on the demonstration crew member. I think this video theme can be summarised as such: this is about the Qantas staff (crew etc).
The Amazing theme comes through and at least it is instrumental. Not sure how many Australians know the song (keeping in mind a good deal of pax now might be born after or was living outside Australia when the song was a hit).
If people wanted vanilla, they got it. And at 4 minutes in length for the B737, that's hard not to give points for. I wonder if QantasLink audio demo tracks are being updated with the same theme.
I do get a feeling like this is a temporary video while Qantas cooks up its next big production.