AY FFP:
pros:
+ oneworld Emerald possible in less than 4 r/t trips
+ upgrade vouchers given at Gold and Platinum qualification (and re-qualification for subsequent years)
+ rather generous perks for Emeralds (and even Sapphires)
+ decent upgrade availability
+ bearable upgrade costs (50-60k longhaul, 5-10k shorthaul)
+ possibility to exchange a certain chunk of award miles into status miles, if you have trouble requalifying
+ no longer charges YQ for Euro award tickets

cons:
- award inventory rarely available in Y
- painfully expensive longhaul awards
- -"- oneworld redemptions
- limited network