For those who are QFF points rich who don't want to/need to credit to QFF, because points have no "value", then yes.
If you work it out using some random dates some 10 months from now, eg MEL-LAX return, that can be had as an ASA in:
M class for ~360k QFF points all inclusive,
H class for ~500k points,
R class for ~580k points,
W class for ~890k points and
I class for ~945k points.
The return flight is 15,848 miles (total distance).
Depending if you are after EQM, EQP or RDM then your earn rates will vary.
In the above example M class will earn 0.5 RDM per mile flown but 1 EQP per mile flown.
So 360,000 QFF points converted to 7,924 AA miles for redeeming Aawards isn't so great.
Neither is 360,000 QFF points converted to 15,848 EQP to achieve elite status. That is not much over halfway to get AA Gold (OWR).
In contrast, on QFF that will get you 90SCs, just under one third to QFF silver (OWR) and 15,848 QFF points.
I haven't looked at domestic flights but I suspect the value would not be that great.
ETA: Forgot to mention that this is for AA members without status. If you are an elite member then you'd need to factor in minimum mileage guarantees where applicable and status bonus into your calculations.
This page has some examples on calculation:
Miles and Points (AA) - FlyerGuide Wiki