From a Star Alliance customer perspective, One World does seem to have lost their competitive advantage - there are just so many more partners in Star.
From a leisure traveller perspective, there is little incentive to want to switch or ride One World metal when Star will take you there, and get points.
Perhaps if I was in SYD or HKG or LHR, and One World was my only choice, then it would make more sense to be a part of their program, but it seems that the amount of metal available from Vancouver doesn't really suit my needs.