How many EQM do you think you'll fly? Look at the benefits that you'd earn on each airline with that level and see which is more appealing to you. If I flew 100k miles or more, I'd prefer AA's 8 SWU vs UA's 6 GPU, but since I only fly 50k miles, I prefer the unlimited domestic upgrades on UA vs AA's 500 mile vouchers. There are tradeoffs for each program.