A future option will be the Citibank Diner's Club card - with MasterCard acceptance after it is rebranded as a MasterCard sometime this year.

Diners Club points can be transfered to any airline - real miles.

If you never need expensive tickets a fake miles card is good - I would recomend the MBNA one. If you sometimes need expensive tickets, miles present a better value.
Expensive tickets:
- Flights between small airports with high prices
- Open jaw tickets with a stopover
- Last minute ticket: Miles usually work if you have them in enough programs; I have enough for a free ticket on every major US airline and between programs can always get a last minute seat.
- International tickets to certain destinations with little competition
- Most Business/First Class International tickets

If you never need any of the above - go for a fake miles card.