I think this program will be much better for Kiwis than Aussies. Lot easier to get a sector on NZ if you live there (to avoid the fee). Also access to fares at lower prices more readily available to Kiwis, flying domestically than us on this side of the pond.
On the plus, should make accessing redemptions easier, but generally at higher rates (On QF I usually redeem at >1.5c per point, preferably closer to 2c, any less than 1.5c I buy a fare). Also a great advantage is access to 1 way awards (at half the price of returns). With the change of domestic and Trans Tasman fares to 1 way structures it would make sense to move award programs to the same (QF??). How many of you had problems, where awards been available in one direction, but not the other, and would have gladly parted with half the points for the available direction, and cash for the other?
A disadvantage is that it really devalues points for use on connecting sectors, eg flying MEL-AKL-ZQN-CHC-MEL without stopovers would have cost 30,000pts before, now the MEL-AKL/CHC-MEL sectors will cost that much.