About a third the price of a new build B747-400F. For that very reason there is currently a high demand for B744's to be converted into freighters. In asia, Cathay Pacific, Dragonair & MAS Cargo are actively acquiring airframes, & in Dragonairs' case, are even prepared to source airframes with different engine suppliers. Qantas even attempted to acquire some airframes for conversion when it was considering a freight subsidiary. (despite being 'stung' by ex MAS aircraft before)
The demand for the B747 as a freighter is substantial, with the B747-400F & upcoming B747-800F being the heavyweight lifters of freight flying. As a further indication of this demand, the only order for the B747-800 is as a freighter, & the A380F is already on order for early delivery in 2009 with FEDEX & UPS.
Admittedly B747's do tend to have lower life cycles than most airliners so there is some economic advantage to their conversion. This combined with the current fuel prices has operators of B747 'classic' freighters are very keen to replace these airframes. Without substantial avionics upgrades these older jumbos are facing substantial airspace & noise restrictions worldwide.
The B747 as a refueller seems a massive overkill, with substantial operating restrictions & operational costs. Most of the RAAF bases have pavement restrictions limiting B747's to significantly less than their maximum weights. Generally, B747's burn 8-10 tons of fuel per hour, verses an A330 which burns 4-5 tons per hour.
The other argument concerning engine reliability & twins really isn't relevant. The inflight failure rate of modern turbofan engines is astoundingly low. Combined with continual engine parameter & trend monitoring unanticipated component failures rarely occur. Even if this were to occur, an A330 at maximum weight will still climb to ~FL150, or 'drift down' to FL240 at 300kts. I agree to RAAF should consider more AAR capability, I just don't think old B744's are the best or most cost effective option.
Regards,
WaterBoy