This is true until you run out of SWUs. All things considered equal (i.e., upgrading from the lowest possible Y fare), UA's W-fare roulette becomes a better value at the third long-haul trip. With AA, you would have to decide whether to tough it out in Y or spring for J (assuming that you haven't earned additional SWUs at that point). It's also noteworthy that AA doesn't have the equivalent of RPUs. For me, that limits my options for upgrading LAX-JFK and -Hawaii to stickers only--not good for blood pressure! (I know, I can also use miles, but I think my point is clear.)

When I referred to AA's lousy award redemption, I was thinking of both AA and OW partners. But let's just talk about AA. IMO it's not an understatement to say that AA is stingy--especially in comparison to UA. I mainly redeem transpac awards for my family, so I'll limit my comment to AA's U.S.-NRT/PEK/PVG/HKG routes. Other than DFW-HKG, which has heavy loads (although I doubt it's profitable, but that's OT), it's still very difficult to find award space on those other routes unless you plan wAAy early or just days prior to departure.