stick with miles and more

1. LH smartFly option isn't that bad
2. the redemption scheme under Krisflyer for First/Business is simply a joke, especially after they have introduced 777-300ER/A380
3. you will have to check your booking class code to see what you will earn under LH or SQ's FFP program
4. It also depends if you are going to be based until end of your life in NZ.