Hard to say how much I "value" AC and Aeroplan/Altitude. I've been a member since 1997 and have flown about 600,000 miles on AC since then and earned another significant chunk on credit cards. Before that my primary allegiance was to CP and Canadian Airlines International; both allegiances dictated by company airfare discount contracts. I've been no status, 25K, 35K and 50K or equivalent over the years; although less than the total miles would indicate if earned evenly over the period.

When you have limited choice, the value in upgrades and trips paid for by aeroplan miles is obvious and tangible. Whether other airlines offer better value is moot since I generally don't have the choice for business travel. I should mention though that more of my leisure travel is on Alaska Airlines than AC, primarily because their affiliated credt card bonuses and points generation as made it often a more economical choice than AC/Aeroplan (and no "scamcharges" except for a couple of partners, BA the worst).