This topic ( JT's N707JT ) in QANTAS V-Jet livery has been discussed a couple of times over the past week or so on different threads on this site. Use the search function, and type in QANTAS B707 and you will find them.
This scheme on JT's B707-138B, the former QANTAS VH-EBM is only temporary for a U.S. advertising campaign.
He did not purchase any SP and is not purchasing any ex-QANTAS 747-238 'Classic' either, though both types were once considered. The QANTAS SP's are now scrap metal. One of the 'Classics' VH-ECB has also gone to Marana, AZ for the same fate. Two more will follow later this year. The only two -238Bs that QANTAS are retaining are VH-EBQ which is being donated to the QANTAS Founders Museum at Longreach in Queensland, Australia, and performs it's last passenger service for QANTAS last week in October, and VH-EBR which is currently under lease to Air Pacific, until March 2003. Once the lease expires, the aircraft will be replaced with a later model, and -EBR will also head for Marana for scrapping.