Matt, I think Adam G's assessment of the industry is a good one. In a nutshell, the confluence of a number of factors means that movement through GA is unprecedented, and pilots (including instructors) are very much 'in demand' in most avenues leading up to the major airlines. As such, you'd need to carefully evaluate the differences between the new QF Cadetship and going through industry, particularly in areas such as expected rate of progress, quality of training and subsequent flying experience and, of course, changes in industry conditions which might stem from current economic woes.
You may be aware that QF have significantly scaled back their recruitment until the middle of the year at least. This means that their phones probably aren't running as hot as they were last year, and that you'd be able to run a few of these things by them. They might also be able to provide some rationale for their latest cadet program changes. Certainly the new program - and the industry itself - are completely different from the one I went through eight years ago, so it's difficult for me to compare apples with apples.
Brenden, I think most airlines are interested in the concept, but it's something that I can't see gaining traction in QF Mainline for the foreseeable future. Never say never, though...
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