Mwenenzi has requested that I contribute some information on MH.

So here goes.

For Asia-Europe, MH redemptions are decently priced.
MH uses a unique reward system. There are 3 bands of redemption if I am not wrong. It's a little like a revenue ticket system. More miles = easier to redeem. I usually find the cheapest band available.

MH only gives 25-30% elite bonus, which is much less generous than other FFP.

Only MH Gold and Plat will get you lounge access when flying Y. MH silver is useless except for the 25% bonus.

Seat selection for elite members don't exist. Their IT system is a mess.

Don't expect too much recognition onboard unless you are Plat flying in J.

If anyone needs more information I will be happy to help.