The best criterion I can think of AC's own: it offers a choice of miles or cash in compensation for all sorts of problems.

It appears that AC's exchange rate is 2.67 cents/mile. Arguably a high value. But then, if AC is to support the profitability of Aeroplan's smoke and mirrors game, the price that AC pays them has better be high. And if Aeroplan is make a profit benefits better cost them significantly less. These toaster awards/LG LCD TVs probably value the mile at less than 1 cent.

Anyway, reminds me of these banks, which managed to look good for quite a while without really contributing much value to the real economy. Sooner or later however, people end up agreeing that the king is naked. While before they decided to do like everybody else, this is, not to believe their own eyes.

Sooner or later, Aeroplan will end up in the same way and for the same reason: because the real value of the services it provides to society is insignificant in relation to the monies that it handles.