Remember that a forum like AFF and it's members represent only a small part of the QFF membership and have goals and desires far different to the majority of members. What would probably be considered bad news for many of us can be spun and even possibly be good for the majority of members.
For example we laugh and scoff at the use of points for toasters, DJs vouchers and the rest.. people out there value that stuff.. or they just want to take the kids to OOL for the hols etc on JQ and do not see sitting in F to LHR or RTW awards as a realistic goal so it's not an issue for them, let alone reaching significant status and the like.
Most members are irregular travellers.. And indeed there are many more frequent flyers(like the domestic road warriors) who are unaware of and don't care that much about what status perks they have (We've all met at least one who has been blissfully unaware of what that Gold or Plat card can give them!).
QF can come out and, for example, spin a FF "evolution" wiith I dunno access to more seats, more toasters, being able to earn and pay at maccas and all the rest.. and you know what? A lot of people will find THAT appealing.. and if award charges go up, or become dynamic, or have other caveats that may drive some of us crazy likely won't be noticed or worried about by the masses.
So when pondering what changes could be, and what the effect can be (while understanding, as noted above, that the priority is profit for QF) it's wise to keep in mind that if this's such a drastic shift as being suggested (and AJ doesn't get rolled out for just any old presser) then it's aimed at the overall membershp and not just those worrying about LTG or the utopia of a LTP that is unobtanium with QF because your average punter can't relate to these things, and QF will throw in things to make it seem really good for more people..
imo
PS: comments about onboard experience changes and the like are missing the point of tis announcement - it's specifically about QFF/Loyalty.. it's not about customer experience at the airport or on board (though may I guess be impacted if they announce major partner changes, but I doubt it - at least in terms of airlines). I would not expect to see ANYTHING about onboard product or experience, unless tangently such as better wifi access (as AP suggested above) or similar.