I'm based in the EU, but find the *A options in Europe useless.
LH M&M which seems to own almost every airline in Europe is useless - high redemptions, taxes and also to get *G its 100K miles.
BMI was great, but starting in '12 they will be LH M&M.
It depends what you are looking for. If you plan to fly UA a bit, stick with them. If not, then AC (as they got lower redemptions) or Aegean as *G is only 20K miles.

Or look into BA. As a EU resident, its only 400TPs for silver and 800 TPs for gold (which with a routing with AA Y-UP few segments you can earn gold for about $900)