I happen to agree with you. I did get burnt with the previous...

I happen to agree with you. I did get burnt with the previous oppies that expired, however I have bought these Oppies this time around as there is substantial time to expiry and substantial leverage. I also have a balance of Heads. Once the Heads move, there will be a delay in price movement in the Opps until a gap of 5-6 emerges given the need to subscribe. I envisage there will always be a Leverage advantage between the 2 but this really wont emerge until the Heads move through the 6-7 range. So, in the meantime, I bet on the heads then will progressively switch more towards opps. There are Option Pricing models around for bigger cap stocks but for MRQ they are irrelevant.
Oppies are emotive from the buy/sell sides as some want free carry whilst selling their heads investment to reduce overall $ invested, versus those that see them as an instant cash advantage and have trouble dealing with the fact they need to commit 8 per opp near to expiry.
Its an interesting conundrum but essentially is based around risk appetite.
I tend towards a heads/opps approach of 66/33 based on previous experience
Alternatively, sudden SP spikes will reward oppie holders provided its a fluid market.
Just my insane thoughts...