I think SYD-YVR is a good move by QF. If the 789 is in QF's future, I think the route will prove popular and profitable.
OTOH, as a number of posters have mentioned, as value to the FF program, it fails. Well at least from PER.
Having just received the newest promo email, I did a little checking using flights out Mon 22 Jun PER-SYD-VYR return 29 Jun.
10900 points and 120 SC in Sale (N/O) class as a non-elite. All for $2617. perhaps $100 less on other days.
Since CX also has direct flights HKG-YVR, I checked their availability on the same days PER-HKG-YVR.
20260 miles in V class for $2277. 50% to QF so 10130 points and the same order of magnitude SCs (I didn't recalculate but PER-HKG is 25 each way).
Come on QF, the least you can do is provide (approximately) the same points and SC accrual as the LAX flights. I wonder why CX is doing so well exPER?
Happy wandering
Fred