Ironically, there's another thread up now that assumes or presumes the opposite position: that UA is the best.
I'm increasingly inclined to agree with the other sentiments expressed in the other thread. I think MP's position, relative to other programs (especially for those that fly to and from Asia a lot), is at an historical high.
I used to put AA on a higher plateau due to the generous stopover rules and lax redemption oppurtunities, but now that the latter is a thing of the past, my vote goes to MP.
Here are the good points:
1) domestic awards: Whenever I'm in the US, I fly west to east on miles as much as possible. While UA availability is far from stellar, it has consistently been better than the rest (AA, NW, AS, HP, CO, DL; btw DL deserves special recognition as a cellar dweller). Often, I am forced to redeem in F to make things work, but F for 40k isn't such a bad deal, considering the rest would rather take 50k for Y awards.
2) cool international routings: You can go a lot of places with UA. Sure, booking international awards requires time, flexibility, and patience, but the options are out there. And, even if you don't want to get crazy, the shear fact that you can fly SFO-NRT in F for 120k miles is pretty good (NW charges the same for J and is notoriously difficult to book).
3) light booking fees: Other airlines (NW, AS, HP, WN) also do well in this category, but UA wins against the majority of the pack. I can use my miles at the last minute without being reemed.
Of course MP has its drawbacks, and the industry seems to be getting less consumer-friendly by day, but, all things considered, UA isn't half bad.