Any idea how existing award bookings for post Feb 2020 will be dealt with? I would expect free cancellation or free routing via Sydney?

It's not too bad, you can wait for the annual/targeted double SC offers and should help you get there.

Must be flying J or F to Europe/US at least once a month?

Perhaps Lifetime Platinum for those who have been Platinum for 30 years. Lifetime Titanium as per my above comment for those who have been Titanium for 50 years.

Qantas Titanium status to compliment its Titanium credit card