Under the US program, the upgrade awards on BA are a worthwhile perk. I also think the point levels for First travel beyond Europe are very attractive.

However, if I was UK based, I think I would avoid the BA program. (Too many fares don't earn any miles, or the miles earned are discounted too severely. No upgrade awards. No tier bonuses, although higher class of service bonuses could make up for this for those who travel in First. Many long haul Club and First awards require more points from the UK than from the US! BA Amex is nice in the UK, but the First USA Visa is at least as good if not better.)

I think like number_6 says, one of the issues that should sway your decision is whether or not you have a regular occasion to fly QF.

Also factor in your travel pattern ... how many points you'd be likely to earn in the program ... and what awards you would want to use.

Of course, other factors ... the Starwood to QF conversion rate is real good at the moment ...