I'm in two programs (USAirways and Alaska Airways). I've been able to use Alaska Airways for frequent flyer tickets to New Zealand (Pacific Airways, not Qantas), and to Israel (using British Airways) -- both business class.

I've found it a lot easier to book on partner airlines with Alaska Airlines than with USAirways. That being said, with USAirways, if one plans well, their online frequent flyer setup for USAirways (not partner) makes getting to Europe 'doable' online.

Alaska Airlines also has a generous companion ticket program (probably because so much of their flying is to Alaska and Hawaii) which allows companion tickets to those destinations. Also, the companion tickets with Alaska Airlines work for 1st class tickets as well (a major plus). Further there is no penalty for using frequent flyer miles within Alaska Airlines for one way travel. All pluses there.

I've also found their CSR's to be quite good -- willing to try to do searches for frequent flyer tickets on partner airlines, willing to handle changes (example -- originally that Phoenix/Israel flight was actually Phoenix/Athens (we had planned round trip El Al flights Athens/Tel Aviv). When El Al cancelled the specific return flight we needed, I need to 'convert' the return leg (retaining the Phoenix/London/Athens outbound) to Tel Aviv/London/Phoenix -- the CSR handled that change very reasonably. I was impressed.

I guess I'd give Alaska Airlines frequent flyer program an A- (getting partner flights with Alaska Frequent flyer miles with Delta or American seems too rare).