Ok, in answer to some of you guys before Louis stepped in for his say.
Some history. Qantas is not only looking at 777s and A340s, but also A330s. Therefore the airline has to be able to economically justify adding not only Airbusses to an all-Boeing fleet, but also 1.5 Airbus types at the same time. The 777 family is one airplane with one type rating - and a type rating that is very similar to the 747-400, of which it has 24. Airbus has been preparing an A330/340 assault at QF since 1987, so they are well prepared to offset the operational difficulties with other arguments and incentives.
Airbus has dropped the price of A330/340s, and it also touting its A32X series as a means of justifying the new widebody type. Not to be ordered now, but in future as QF 737-300/400s need replacing. An extremely good concept, QF loves commonality. Airbus has come to the party with an offer of A330-300s and A340-500s for the current RFP.
QF would also like a future like-size replacement for 747s, including the A340-600 and 777-300ER. Airbus and Boeing have both outlined plans whereby options to these models can be easily swapped from A330/340 to the -600 and 777 to the -300ER. This time around QF will choose a 300 seat airplane.
It must be capable of flying Australia to North America, South America, South Africa non-stop, and one-stop to Europe, whilst maintaining full passenger payload. It must also offer an economical 'fit' to the current fleet. The aircraft must also deliver lower operating costs and be flexible over short routes of 400nm up to 8,000nm. The airplane must be able to contribute to profit margin, of which QF aims at a 10% margin. It must have easy transition to a new type for crews and ground personnel. And the airplane must also be able to meet passengers' expectations and fit current schedules for 767 and 747 sectors.
Both Airbus and Boeing proposals more or less fit these criterion. Both Airbus and Boeing have offered very similar prices (though I don't know what they are, obviously). Whilst I'm not prepared to say which airplane will win on technical merit, I believe that you guys are smart enough to figure out the issues above to arrive at your own conclusions. The decision isn't unanimous, but it is pretty obvious in my book.