The recent thread I started on redemption strategies got me thinking about which miles I value the most so I'm going to tell you. As a disclaimer, I only have experience with US programs and a handful of Asian programs so my thoughts are somewhat limited in scope. Nonetheless, they may of some value and I'm curious about your comments. Here are my rankings:

1) AA - great availability (I've never not been able to redeem at the cheap level), awesome international upgrades, good partners, and domestic awards allow stopover PLUS open jaw
2) UA - while the availability isn't too great, they fly lots of places I go. Also no fees for last minute bookings
3) AS - many people can't use AS miles because their east coast coverage is limited, but for those of us that have business/pleasure in the west, east, and northwest, the 20K award is a great value
4) NW - no advance booking fee, first class for elites on Y awards per normal upgrade procedures, 30K intra-Asia in business class which can be split with Y
5) DL - good availabilty (IME best other than AA), decent open jaw/stopover rules on domestic awards
6) CO - I can't say anthing good about them other than the fact you can move the miles to UA via Amtrak
7) WN - while I understand the utility of WN awards, they just don't fit my travel patterns, hence the low ranking
8) B6 - I love the TVs so I fly them, but the FF program is so bad that I don't even bother crediting my flights (and that's saying something because I obviously care abot this stuff).

Turning towards Asia, the Chinese programs really can't be compared with their American counterparts so I won't comment other than to say that they fail to motivate me to pledge allegiance to any particular carrier. As for AsiaMiles, JL, and NH, I place a premiunm on their miles because they cost a lot (when earned at 50/70%), but they're nothing special. BR/KE/OZ flights are best crediting towards other programs.

That concludes my summary. Your thoughts?