Hedging programs is a good thing in principle (as you can see, I am/was doing it, too, but I'm changing this strategy now). Hunting status on several programs can become risky in the sense that programs are changing all the time. So once you have finally have reached elite status on another program, new changes may dilute the perks, and you might regret your previous effort. This just happened to me with MP after renewing both 1K and SEN in 2005. Had I known how customer unfriendly MP would be in 2006 (at least for a LH pax), I wouldn't have done it.

M&M offers the distinct advantage that you don't have to earn a single status mile every other year in order to keep your status. That gives you the freedom of NOT having to turn into a slave of status mile accrual (aka mileage runner). Instead, you can theoretically "go nonrev" every other year and SPEND those miles on comfortable longhaul F awards to places where you really like to go. Through some of their partners, M&M offers ways of accumulating a virtually unlimited amount of miles at reasonable cost, so getting hold of the "currency" required to fund the nonrev years isn't the main problem.