Easy.
ADCs need time to convert. The more complicated ones need to be commanded to perform a conversion on one SPI sequence with the data to be read back on the next one. You're lucky with this chip as it returns the data in one SPI cycle. But it still needs time to work.
Have a closer look at the "Sequence of Operations" on Page 4 of the TI data sheet.
The bit numbers go from 1 to TEN, not 1 to eight.
So change your code to "MCF5272_QSPI_QMR_BITS(10)".
Check CPHA as well. I'm pretty sure it is correct, but compare the QSPI and TI timing diagrams.
If this answers your question, please mark it "Answered".
Tom