Assuming AN remains with Star Alliance, there is little point to join the new scheme, unless old points are restored. Why? For me, at least, I'd just credit any AN flights to my scheme of choice (for me, that would be UA) in order to earn status credit, etc. Any nifty promotions would be incidental really.
If I was starting from scratch, it would definately depend on how AN compared with both QF's scheme and other * partners as to where the best value would be.
A friend of mine recently employed by an airline and laid off just joined UA M+ after some debate. He decided the benefits were way better than what QF or AN would likely provide.
Everyone's mileage will, of course, vary.
I'd prob. join just for the marketing duff.
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RichardMEL, UA 1K
A Star Alliance Member.