Just got back from a BA F award trip, and thought I'd jot down some of my thoughts on the various TATL options I've tried over the last year that are open for AS award redemption (not in any particular order).

1 - BA J

Great business class, and by any absolute standard good value for 120k miles (5+ cents/mile) but not good value compared with other options if you can get them.

Fully flat "coffin"-style bed seat, about half of which face backwards. Excellent service, but very "British" flavor with few attempts to make Americans feel "at home". Reasonable, but not great food and wine. Help-yourself snacks and fruit in the galley mid-flight. Nice lounges in SEA and SFO; currently using the rather poor shared lounge at LAX. ORD, PHX and YVR may be other good options depending on where you are starting from.

2 - BA F

Fantastic value at 140k points (>10 cents/mile); everyone should try this at least once ! All round, a VERY upscale experience.

Fully flat bed suite, all forward facing. Superb service; excellent food and wine; you can order anything from the menu at any time. I was slightly disappointed by the amount of space in the suite, but this was a result of exagerated expectations. This is the only seat I have ever felt comfortable in for every minute of an 11+ hour flight. You get a sleep suit, and the best eye-mask I have even had from an airline. Shared F lounge at LAX is much better than the J lounge.

3 - VS J (as CO codeshare)

IMHO the best value available on VS at 100k points; OK, not on cents/point, but on what you actually get for each point.

Fantastic bed seat, just slightly cramped for those with broad shoulders; a perfect nights sleep on red-eyes, but not quite as comfortable as some others when sitting for the whole flight. Service is good, but can be weak mid-flight; more friendly and less formal than BA. Good food and you can order anything from the menu at any time. Beautician on board who does manicures and neck massages. SFO and ORD will be the most convenient connections points for most AS flyers, but if in SoCal VS has the great advantage of flying out of T2, rather than the awful TBIT.

4 - AF J (awards coming soon )

Terrific food and wine; seat is only OK, and the disadvantage of flying to CDG.

Seat is of the lie-not-quite-flat-at-an-angle variety. The seat is very comfotable when sitting, but less than great for sleeping; I ended up sleeping in the reclined seat position rather than bed position, as it was more comfortable for me - YMMV. Food and wine is excellent; the service is good, (with less of a French flavor than I expected) but rather weak mid-flight.

Conclusion

I still have AA J and F, plus NWA J to test, but with that caveat, if available I would go for VS every time, followed by BA F. BA J seems expensive at 120k points, but I'll take it over AF J at 100k, even without considering the CDG factor.