Hmmm...a mixed bag. UL has 3-stars in SKYTRAX, and their J-class is configured as a regional J albeit with AVOD; however, it's being upgraded to horizontal lie-flat. Their network doesn't really add a whole lot (certainly not a replacement for IT), but any little bit helps.

Interestingly, according to Wikipedia, it's 43.6% owned and is managed by Emirates, which will now be able to directly measure the value of oneworld.