Yes, I think that’s an accurate characterization, particularly once you consider *A partners. The key issue is how much flexibility you have for redemptions. If you don’t really care when and where you go, and don’t need multiple seats on the same flight, then AS will be significantly more attractive. The award chart tends to be cheaper, and you can certainly earn miles faster (than on UA). But having a million AS miles isn’t going to be worth much to you if you can’t get a premium seat on any of the flights you want to take.