Award travel on AA to Europe has taken a serious hit the last year, with the web site only offering BA flights most of the time. The downside here is that those flights incur BA's fuel surcharges which can run into the hundreds of dollars each way. If you can find AA or US, or Air Berlin for that matter, or call in for an Iberia routing (not all partners are on-line), you'll mostly avoid those fees (IB charges something like 30 euros but nothing like BA). I was just looking at some September dates for Austria and no matter what date I looked there was not a single AA, US or AB flight across the Atlantic, though BA flights were readily available in business with multiple routings.

No fuel surcharges on partners such as as Qantas or Cathay, but Qantas in business or first can be next-to-impossible to find. AA seems to be pushing towards Hawaiian which has lots of availability but no flat seats.

As a top tier flyer on AA you'd get 100% flight miles and 100% bonus miles. You may accrue more than you do at DL if your flights are in discounted economy. Add on 8 systemwides good on any fare and you might find some serious value just in those two areas.

If you were a UA 1K you'd be in great shape, but for some reason AA isn't courting Delta flyers and unless you have a corporate agent that can arrange something you may not get the same package 1K flyers get.