I've done very well with US Airways in redeeming partner awards to Europe in Business and First Class. I scored great tickets after the 50% points transfer bonus from Starwood points, using 140,000 points to get 262,500 Dividend Miles and two FC tickets - NY to Venice on Swiss and Athens to NY on Lufthansa this summer. Also used their 100% miles purchase bonus to get 2 Business Class tickets for friends on the same itinerary for a total price of $1,100 per ticket.

Both carriers have great availability and US Air makes it easy.