Both good points. The main attraction of both AA and SK is their region based approach to awards. I'm not sure which would be better for me.
Most of my travel is PER-SYD in K class, with an occasional V class to keep me honest. The minimum guaranteed earn is therefore irrelevant for me. I'm struggling to maintain QF Gold this year; it looks like I'm going to fall a long way short. The AA status bonus could be useful once I've done enough flying to earn it, but it would probably only be AA Gold.
There are three things that tempt me about the SK program. Firstly, they treat the entire South Pacific as one huge region. Tahiti sounds nice at 35,000 points in J! The lower classes (eg V) still earn 100% points. And because they're Star Alliance, I would feel like I was shafting QF in the same way that they have shafted us. Vengence is a powerful motive, and I'm very fickle when I want to be.
I think I need to do some further analysis of both programs...
Steve