I think it does say something about Vogue Australia, as I doubt any other Vogue would put a reality show model on the cover, no matter how amazing she was.
(I think it's a bit different with Suvi since most people had no idea that she was a former "model school" winner when Miuccia decided that she was the chosen one. Outside of Finland and tFS, she wasn't known as Suvi, the Mallikoulu winner, just Suvi Koponen, moderately successful model)
That said, I think Alice has a nice look. I'm not sure what her modeling skills are like, but appearance wise she's right up there with the best. Or not quite, but she'd definitely pass for a working runway model. It's not Jaslene from ANTM we're talking about (thank god
).