If you were buying Y tickets, the answer would be easy: M+ is much more generous to low fare customers. If you were buying F tickets, the answer would also be easy, M&M is much more generous to high fare customers.
If you were going to be flying only UA and (transAtlantic only) LH, then it would be a tough choice. However, because M&M will give you 250% of actual flight miles for paid C when you fly beyond FRA or on *A partners and M+ would give you only 125% of actual flight miles in such cases, M&M is the better choice for you.
If you'll be flying on SQ (which I recommend doing), be aware that you can credit PPS segments to SQ's program while crediting miles to another *A program.
It wouldn't hurt to have a look at:
BlondeBomber's Star Alliance Comparison Chart
[Edited for spelling.]
[This message has been edited by zvezda (edited 05-18-2003).]