I have never used this roundabut conversion, but I would be very surprised if you didn't see much worse than 2:1 dilution going through all these programs...to end up w/ United miles ?

Why not just get the Bank One/United co-branded card to accumulate United MP miles ? FWIW, Bank One/United card has had a double miles points promo for at least the last two years though limited in duration (3 months this last time).

AMEX, once again, comes up losers. So much untapped potential but until AMEX/MR goes out and aggressively recruits US domestic partners to replace all the lost ones...and comes up with a decent hotel point reduced-pt conversion promotion....they are 5th on my list of four active cards.