I find it impossible to get value for QFF points.
Consider long haul AU to LHR, which should be good value.
Even the taxes are almost $500.
I can fly Scoot AU to Europe for less than the taxes often.
I often see the claimed value of QFF points derived from what Qantas would charge, but really shouldn't the comparison be with the cheapest alternative?
How can I get good value for QFF points? Gift cards seem the actual best value. I regard upgrades as a waste of money. The cost of upgrades is nowhere near their value (to me). Yes, YMMV. Flights are a utility for me, not a luxury item. What's the best choice? Cash out for gift cards?
The most common answer you will get is business class flights. It won't satisfy your "cheapest alternative" criteria but most people will compare the points cost to the retail price of the business class flight and think they are getting excellent value.