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I myself do not transfer Altitude points to QF, rather I use them to redeem at Altitude Travel - 12,500 Altitude points = $A100, but is only equal to 6250 QF points.
I can do far more with the $100 equivalent (AND earn QF points and SC's at the same time) than I can do with 6250 QF points.
(Currently on 297,575 Altitude points, equivalent to $2300 worth of travel, INCLUDING taxes, or 148,750 QF FF points - I think I can do more with $2300 than I can do with 148K points, given that the Altitude points do not have capacity restrictions, since they are ANY seat on ANY flight).
Dave
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