Also, check out some airlines that partner in two US programs. SQ awards are FAR cheaper using DL miles than UA miles. Hush, hush though - definitely a good thing for DL flyers.
I think it may be fairer to AA to say that they give you a "discount" on awards to Europe during the off-season. 40K vs 50K. UA and many others are 50K year-round for r/t to Europe in Y.
[This message has been edited by leroy11 (edited 06-18-2000).]