I can only see it as a good thing, Air Nwezealand desperately need the financial discipline that Qantas could bring to it. Qantas is currently the worls best performing airline making a 600 million proffit (300 million USD).
Given the vast distances from New Zealand and Australia to the rest of the world why not have one big airline made up of Air NZ and Qantas. A stronger airline combined from both would be much stronger. With the ever expanding SIA and other Asian airlines feeding from Australia a super airline is what these two small counties need. Competition from within hurts Qantas and AirNZ, remember Ansett.