Besides bragging rights, each 'flight' will include last 2 hours of sim time and a 1-on-1 pre-check with the Qantas instructor, plus a gift pack. Once you've taken off, you can fly to any of the cities that the airline services, so check first before you buy.
If you don't have that many miles stored in your account, for just 115,000 you can score a ride on a Boeing 747 simulator. This experience includes a tour of the Flying Kangaroo's Flight Training Facility. Whichever one you choose, just don't break it; no amount of frequent flyer miles can replace an entire simulator.
If you want to join the Frequent Flyer program for free, pop on over here
[Photo of a Boeing 737 Simulator: Jaunted]