While I don't dispute the overall assessment of the difficulty in redeeming CO miles, if you search the CO board you will find that free tickets can be had on some routes, such as NRT-GUM or GUM-DPS. Also, the "best" frequent flyer program is a very specific determination based on individual flying patterns.
However, my main reason for this post, prettyflygirl, is to say, "Welcome to FlyerTalk!"