My circumstances are based on flying around 40-50K miles a year on *A, mostly Y/Y+ longhaul with some European flights, some paid J flights. I am also fly a similar amount again on OW and/or non-aligned carriers e.g. VA/EY.

I have been looking at A3, OZ, SK and US but have widened the comparison to include Egyptair (MS) and TAP (TP), ANA (NH) and for good measure LH.

I have excluded some airlines which require minimum sectors on their own metal or with a higher *G re-qualification level.

I may have made some errors - not all the airline websites are that easy to follow - so if anyone knows that any of these programmes do thing differently, please post corrections, or PM me and I can amend.

There isn't an easy answer as to which programme is best - on my flying patters, I am thinking it may be best to have two *A programmes: A3 for one-way awards and relatively long-life *G status, and another for UK credit card earn and flexibility in changing award tickets - I am not sure which, but am tending towards LH, SK or US because of flexibility.

It is a shame that VS and/or VA virgin group of airlines have not joined *A as one of these would probably be my *A airline of choice if they did.

And if SK or US or TK introduced lifetime *G or *A one-way awards, or both, then this might be a deciding factor for me.

A3 - Aegean Airlines Miles&Bonus

+ G threshold 19K (20K with 1K join bonus) from scratch and apparent almost-lifetime *G (so long as you credit flown miles every year)
+ miles do not expire so long as you credit every year (otherwise 3 year validity)
+ ok earn rates, 200% on C class, 100% on most SQ Y fares which I do a lot longhaul
+ ok burn rates
+ one-way awards possible
+ children can join from age 12

~ long-term airline viability ok, programme may change

- no changes possible on award bookings
- 50% miles loss on cancelled award bookings
- minimum mile credit only on certain carriers/fares
- low credit on discount Y european fares
- *A upgrade awards not possible (may be coming soon)
- no family membership miles combination scheme
- no bonus miles for Silver/Gold

LH - Lufthansa Miles&More

+ Sen/*G threshold 100K within a calendar year from scratch and 100K within a calendar year to renew
+ Sen/*G statue valid for 2 years
+ mileage does not expire if you use a LH branded credit card or have status otherwise it expires after 3 years
+ good earn rates in premium cabins
+ OK burn rates
+ cancellation and rebooking of award tickets available for a EUR 50 fee
+ bonus status and destinations miles 25% for Sen/G and FTL/S members
+ children can join from age 2 (children join Jet Friends and their miles do not expire)
+ *A upgrade awards possible
+ companion awards for Sen at 50% of award miles
+ flight saver awards with reduced miles for late bookings within LH group
+ RTW Ticket at 180K miles in Y, 325 in J, 480 in F
+ UK credit card (Amex and Visa from MBNA) available

- one-way awards possible only within LH group
- relatively high Sen/*G threshold
- low earn on low economy fares (e.g. Singapore K,W at 50%)

MS - Egyptair Plus

+ low G threshold 60K from scratch and 30K (within 2 years) to renew
+ lifetime *G (Platinum) at 1M flown miles
+ one-way awards at 50% mileage
+ good burn rates (160K for UK-Australia in J, 240 in F)
+ children can join from age 2
+ low (5% miles) cancellation fee on cancelled reward/upgrade tickets
+ low (50 USD) fee to change upgrade reward/upgrade tickets
+ *A upgrade awards possible
+ RTW Ticket at 180K miles in Y, 280K in J, 400 in F
+ gold members can transfer miles 5-50K miles to another member FOC

~ family membership miles combination scheme (all miles credit to the main member; family members stay as blue status - so not so good if your family would otherwise get status too)
~ 40% G bonus miles on MS flights
~ award tickets can be redeemed for any family member

- there seems to be a requirement to attend an MS ticket office for an award ticket to be confirmed
- not brilliant earn rates (typical F 200%, J 150%, and a lot of higher discount Y fares that earn 100% on other carriers e.g. SQ W,U,L,K class, which earn 100% on A3, earns only 75% on MS)
- miles expire after 3 years (unlimited validity once you reach Platinum level)
- no current option for miles earn with UK credit card
- long-term viability of airline/programme unsure (lifetime Platinum requirement may change)

NH - ANA Mileage Club

+ *G threshold 80K from scratch and 50K every fixed calendar Jan-Dec year to renew
+ ANA's excellent online booking too (including *A partners)
+ ok burn rates
+ children of any age can join
+ transfer
+ *A upgrade awards possible
+ RTW tickets available
+ UK credit card point earning points transfer from SPG Amex

~ bonus points for status are on on full fare and premium cabin booking ony
~ mileage validity 3 years (though unlimited for G/Diamond)

- poor earn rates
- no family membership miles combination scheme
- no one-way award bookings except own metal flights
- no changes to award bookings except own metal flights

OZ - Asiana Airlines Club

+ *G/Diamond threshold 40K from scratch and 40K every 2 years to renew
+ *G/Diamond 2-year card validity
+ 12 year mileage validity for Diamond/Diamond Plus (10 year for Gold/*S and 5 year for standard membership)
+ lifetime *G (Diamond Plus) at 500K flown miles
+ UK credit card earning possible with SPG Amex
+ OK burn rates for longhaul - calculated on overall distance, UK-Australia return is 120 in Y and 180 in J
+ award tickets on OZ flights can be refunded for a $30/3000 mile fee (free for domestic)
+ children can join from age 2 (Magic Miles) or 11 (Asiana club)
+ *A upgrade awards possible
+ Diamond/Diamond Plus can transfer awards to other members - negates need for family membership miles transfer
+ 10% millage bonus for Diamond and 15% for Diamond Plus (think this is on all flights)
+ infant redemptions available at 10% of adult rate
+ long-term airline viability good

~ refunds of mileage may be on cancelled bookings if no portion of the award tickets have been issued (website unclear)

- there seems to be a requirement to attend an OZ ticket office for an award ticket to be confirmed
- poor earn rates (typically +50% in F, +25% in J, 0% in a lot of discount Y)
- one-way awards not possible except for Asiana flights
- no changes possible on award bookings

SK - SAS EuroBonus

+ *G threshold 70K from scratch and 50K every membership year to renew (UK)
+ UK credit card earning possible with Amex UK Membership Rewards
+ no award booking fee for Silver/Gold
+ *A upgrade awards possible
+ children can join sat any age
+ award tickets can be refunded or rebooked at no fee
+ long-term airline viability good
+ 100% earn in Y on SAS

~ 5 year mileage validity - not as good as indefinite but better than 3 years
~ 25% points bonus (Gold) and 15% (Silver) members when flying with SAS group
~ OK burn rates

- low earn rates (on SQ, F/J earn 200%, full Y 100% but mid Y W,U,K,L earns 25%)
- no lifetime *G at present, though it has been rumoured
- one way awards only on SAS group flights

TK - Turkish Airlines Miles&Smiles

+ *G/Elite threshold 25K (outside Turkey) from scratch, requalification 25K in first year or 75.5K in 2 years, *G/Elite 2-year card validity
+ option to purchase up to 10K membership and/or status miles
+ Good burn rates for longhaul - UK-Australia return is 100 in Y, 150 in J, 220 in F
+ *A upgrade awards possible
+ awards can be booked for third parties
+ children can join at any age
+ long-term airline viability ok

~ OK but not brilliant earn rates (typically +50% in F, +25% in J, but discount Y tends to be 25%-70%, few instances of 0%)

- there seems to be a requirement to attend an TK ticket office for an award ticket to be confirmeds
- one-way awards not possible except for TK flights
- no changes possible on award bookings except for TK flights
- no UK miles-earning credit card earning
- miles expire after 3 year
- no family membership miles combination scheme
- award tickets cannot be issued for infants

TP - TAP Victoria

+ *G threshold 100K from scratch and 70K every membership year to renew
+ one way awards possible at 50% miles
+ nomination of partner for *G level
+ discounted companion redemption (60% miles) for Gold members
+ schedule changes on same route possible on *A awards
+ good earn rates (many F is 300%, international J 200%, full Y 100%, MOST discount Y 50%)
+ children can earn from age 2
+ some status miles can be purchased if needed to top up status level
+ *A upgrade awards coming soon

~ RTW awards possible but not cheap (250K miles Y or 350K J)
~ 50% miles bonus for G on TAP flights
~ long-term airline viability relatively OK

- poor burn rates (about 1.5 times other airlines in Y, though not as poor in J)
- no current option for miles earn with UK credit card
- miles expire after 3 years (unless extended for a further 3 years for a fee)
- no lifetime *G
- no changes other than date and flight number possible on award bookings
- no refunds possible on cancelled award bookings

US - US Airways Dividend Miles

+ *G/Diamond threshold 75K from scratch and 50K every calendar year to renew
+ miles do not expire if account kept active within 18 month period (otherwise 3 year expiry)
+ good earn rates
+ good burn rates
+ UK credit card earning possible with SPG Amex
+ full refund of miles on cancelled award tickets (with USD 150 redeposit fee)
+ children can join
+ RTW awards possible
+ *A upgrade awards possible
+ 500 min mile per segment earned by Preferred members
+ award booking fees waived for Gold preferred members
+ complimentary US domestic upgrades for Preferred members

~ long-term airline viability OK (though may buy or be bought by another carrier over time, e.g. rumours of Delta buying US or US buying AA, which could affect Star alliance membership)
~ 50* (Gold) and 25% (Silver) bonus miles for Preferred members only on US air and certain partners

- almost-lifetime *S (Silver Preferred) at 1M miles (account most be kept active every 3 years), but no lifetime *G (though rumoured as being possible)
- no one-way awards
- USD 150 change fee for award tickets
- *G (Gold Preferred) does not include lounge access on US domestic itineraries (maybe not such a problem if you hold Amex Platinum ChargeCard which gives this on AA, Delta and US)

Conclusions

A3 wins if *G is more important than changes to award bookings or if one-way *A awards are important - it is a shame award bookings are not changeable and there is not a UK miles-earning credit card.

OZ is good for low lifetime *G but not so good on some other aspects.

SK is good as a European-based programme with reaosonably low *G qualification and changes to award bookings permitted.

US is a good programme but for me is less attractive than SK.

TK has a lower *G threshold and 2-year gold card validity but is less good on flexibility of changes to award booking and earn and burn rates.

One-way *A awards and/or lifetime *G would make SK, US or TK much better.

LH offers benefits of no miles expiry (if you use a LH credit card) and better award availability, but the threshold to maintain *G is higher.

TP does not look so good due to combination of poor burn rates, no UK miles-earning card and no lifetime *G.

MS is a bit of an unknown but the combination of low *G renewal and a 1MM lifetime *G looks appealing - if would be good the earning rates were a little better and there was a UK credit card option.

These conclusions may not suit all flying patterns. For example, LH is generally accepted as being better if you have a lot of paid flights in premium cabins.