Having multiple ffp’s with small balances is never good. You never get enough Avois/miles for a decent award and have the risk of expiry.
With status you get bonus avois/miles in most ffp's.
If awards are objective from a ffp earn to burn is what matters.

http://www.wheretocredit.com/
http://www.flyertalk.com/forum/trave...demptions.html

Frequent Flyer Programs (FFP) are not equal.
1 (one) mile/point of FFP’s are not equal (just like currencies)
Each airline FFP can have different benefits from status.
Each airline FFP has different rules for earning and retaining status.
Each airline FFP has different rules for earning miles/points.
Each airline FFP has different rules to stop miles/points from expiring.
Each airline FFP has different rules for using (burning) those miles/points for awards and different copay $$ fees.
Each airline FFP has different rules for upgrades & different copay $$ fees.
Each airline FFP has different rules for lounge access (own & other airlines)