Even if DL were not in bankruptcy, I'd pick CO. I've been generally pleased with both programs over the years, but recent silly management decisions at DL have made the program much less attractive. When CO was in bankruptcy years ago, they maintained OnePass with a "business as usual" attitude - perhaps even more generous than usual. In contradistinction, DL has become more and more restrictive as their business situation has deteriorated over the last 4-5 years. In parallel with the FF declines, there have been significant quality declines at DL, while CO has managed to continue a high level of service (amazing how significant something as simple as "meals at mealtimes" becomes when nobody else is doing it!) DL is touting a return to "real" first class service, but given the current situation in Atlanta, it's certainly possible that the company may not live long enough to implement the changes.
All of the forums have threads both praising and condemning their respective programs, but a quick scan of the DL forums will reveal a general malaise and displeasure that is not equalled at he CO forum (IMHO.)