Many have said that QF redemption levels are the worst in oneworld. To put things in perspective, however, you need to take your earn rate into account. I will compare the SYD-HKG route with CX for a emerald member of Asia miles, and a Platinum member of QF:
Asia Miles:
11,500 earn per J return (there is no status multiplier for CX status members)
90,000 for a J redemption
7.8 return trips to earn a redemption
Qantas:
26,000 earn per J return
136,800 for a J redemption
5.3 return trips to earn a redemption
So firstly, those who say that too much is being given to those who only earn miles on the ground - you can see that if you're not earning your miles from flying, the earn effort in QF is much higher. Secondly, compared to other programs, if you're a Platinum, your earn rate is much higher which means it actually isn't so hard to earn your redemption compared to some other programs.