I've never had a bad sandwich at Subway. But, then, I pretty much go to the same one each time. The ingredients have always been fresh and tasty and I've never noted a bad smell associated with the bread.
I like Jersey Mike's better though. And, I will occasionally go to Jimmy John's, but it is my least favorite of the three.
I would prefer a mom & pop grinder place over any of them, but they are rather thin on the ground around here.
YMMV, I guess.