I would rate the AS program the best I have experienced. There is only one thing I do not like and that is how AS allocates their award seats. Many times you will notice flights to popular destinations during vacation season do not have any award seats allocated, but half the plane from SEA to ANC in January will be allocated. Thus, the saver awards don't work often for me during vacations.
When I did a bit of research, it appears regulations require a certain percentage of seats to be allocated, 10% if I remember correctly. But, the feds don't tell the airlines how to allocate them. Most airlines allocate a fixed number of seats per flight, but not AS. They stack some flights (flights which will likely not sell out) heavier to allow for no allocated seats on other flights which will probably sell out.
That said, everything else is great.