Many people used points.com to transfer points from Alaska to AA for the AA 20/20 promo last year.

It worked for 3 reasons:
1) The first points.com transfer was free (I think they charge for all transfers now?)
2) You could earn 500 free points at alaskair.com by creating a "myalaskaair" account.
3) You could transfer a minimum of 500 AS points at the time (they've raised the minimum 2000).

I doubt I'll ever use points.com again.