I currently have an "investment" with QFF (400k points and about 4200 lifetime SCs), but that's more an artifact of history than anything else (especially with the leprechaun slowly driving Qantas into the ground). I am loosely intending to use most/all of those points plus the ~250k CBA rewards points I have to "fund" a holiday for my mum sometime in the next couple of years - I rarely make any attempt to use them for upgrades because of the absurd take-a-gamble-you'll-be-upgraded policy.
I also have about 250k Avios points from my time living in the US and some awesome Chase 100k signup bonuses - but I don't think there's a card locally that can leverage Avios. We're currently on a travel cycle where we the "return" leg will land us back in Europe early next year, so I intend to use them up getting home again with Y+ (or maybe J) upgrades. Probably 20k stashed away in Velocity.
I have had a tendency to prefer Oneworld airlines when I travel so I can leverage the QFF status (or QP membership when that runs out) for lounge access, etc, but in any objective economic assessment just buying a meal and sitting in an airport bar or restaurant would probably deliver the same benefit rather than spending the annual QP fees (not that I've done that for probably ~8 years now, but I'm travelling less these days so expect to starting 2014 when the current WP finally runs back down to PS). Though the priority check-in and boarding is a VERY nice perk at the time...
In short I'm not really sure where I want to direct them long term, and open to suggestions.
Most of my domestic travel would be BNE-SYD or BNE-ROK (say, 5-6 return trips a year in total), international travel (generally once a year, sometimes twice) is NZ, Europe and North America (as I have little interest in SE Asia, with the occasional exception of Japan for skiing). I've historically mostly viewed points as a waste of time (coloured largely by mostly only having them with Qantas and CBA , I suspect), I must admit - kind of nice to get as a (very small) bonus, but not really *useful* outside of being very lucky.
Annual card spend is probably on the order of $70k. Currently I put most of it on my CBA Plat AMEX, or CBA Plat MC if the vendor doesn't take AMEX. I also have a Jetstar MC (signed up to get the 30k bonus) - but I feel disinclined to use it much because the online interface is so awful - and a 28 Degrees MC used only when we're travelling.
The Citi Select looks to have a pretty good earn rate, but I'm a bit leery that I'll be able to get $700 value out of it every year. The other cards that had caught my eye were the higher-end Virgin ones (with their complimentary flights), as with Qantas slowly declining I'd consider moving my flying to Virgin (& partners) - only downside there is the Oneworld xONEx and xGLOBxx RTW fares (feeding back into Qantas or even BA) seem to be "best" in terms of payoff (SCs) and coverage.
