My take:
Every now and then Qantas discounts its loyalty redemption, availability can be hard to find, but if you've got a whack of points this might be handy for you!
Their take:
Save 30% off the regular points price when you book any Domestic Qantas Classic Award* in economy from now until 15 April 2011 for travel between 28 April and 30 June 2011. These points savings are available on all domestic Qantas Classic Awards with a QF flight number flying economy - book now to make sure you don't miss out.
Thats actually pretty damn good.
Sure beats the hell out of Velocity with craptacular earn rates.