808,
QF are seriously short of FO's on the "Link" side but there are lot of guys that have paid their dues flying around the bush or even taking their lives in their hands, flying in New Guinea. If Qantaslink paid anything close to a liveable wage, they'd have a lot more applicants.
As far as the conversion of your license is concerned be very careful. If they take the road of having you only do the conversion exams and not all the ATPL exams, you'll run into problems; Jetstar and Virgin Blue do not accept converted licenses from FAA pilots. JAR yes, FAA no.
Also, like I said before, once Australian pilots get wind of QF sponsoring foreign pilots for jobs that there are plenty of Aussies willing to do, just not for the money, things will probably get ugly. Australians may well be known for being a laid-back and easy going people but they can be a vindictive bunch of self-righteous wankers if they feel they've been shafted.
It's like everything else; pro's and con's. I'd love to go back but it's become a very expensive country to live in and property prices have gone through the roof. I know you guys in Hawaii have been screwed but good luck with everything.