I think it's more that the points component is pretty high (for most people, it would take a damn long time to earn 500k points)....and then QF twists the knife with some pretty hefty fees.
I know that for me, redemptions with Qantas in premium cabins are pretty far beyond my reach because it would take me so many years to earn enough points to do it.
It frustrates me when I look over at AA (for instance) and see both much lower points and no fuel surcharge on award tickets.
Don't get me wrong, I really like flying with Qantas but I just don't earn enough money (and hence spend enough) to generate the points required for premium seats. There's not much of a way around, but I still look longingly east and wish I could have an SPG Amex and direct my spending to a variety of airlines 1:1.05 based on my needs at any given time (and then redeem without hefty surcharges).