I have just read in the news section of this site that Alitalia and Qantas have reached an agreement to start code share services between Italy and Australia.
The jointly operated flights will begin next month but the article doesn't report details on which airline will operate physically the flights. It is possible that there will be flights from Rome and Milan to Sydney and Melbourne with stops in Bangkok or Singapore so I think both airlines will fly these routes.
Moreover the codeshare agreement includes also destinations within the respective Countries by the two airlines.
Alitalia recently has signed and renewed a lot of codeshare agreements: Northwest in the US, Varig in Brazil, Korean to Seoul and JAL to Tokyo. It seems that the Italian flag carrier wants to remain indipendent and have relationships with many different carriers rather than joining one of the major alliances.
I would like to know your opinion on that and I'd be glad if someone could post more details about the agreement between QF and AZ