Made a booking next month for YVR-YEG-YVR. This was how the 2 "reward" programs compared.

Air Miles
800 miles to redeem or 600 if you travel on WS. Saturday night stay required. Total fees etc = $106.08. I don't know if standby is available for an earlier flight.

Aeroplan
12,000 miles(off season E special) No saturday night required. Total fees etc = $30.05(If booked online) Standby available for an earlier flight.

Dollars required to accumulate:
Air miles - $20 for each reward mile = $12,000 or $16,000 depending on the number of miles used. Even more if you travel during peak season.

Aeroplan - $1 per poin earned. Total spent $12,000 or $15,000 if not travelling during the "sale" period. Or a roundtrip to HKG will earn almost 13,000 points and can be purchased for under $2000.

Accumulation was calculated in the simplest form not including any bonuses etc.