As it is, it offers nothing much, just the point balace. It would become useful with a display of account info (status point summary etc), transaction list and future bookings. Also since QF has implemented a passbook functionality for boarding passes, why not creating a passbook function linked to the ff app a -la-american airlines? And please dont forget there are a lot of iphone5 out there already...
wingman_787 about Qantas Points, v2.0