Yes and no.

Yes in that if you put your mind to it you can earn *G status very cheaply (take intercontinental discount economy flights and watch the points rack up). You can do it for about £600.

No in that the reward earning / redemption rates are not as good as other airlines (and it sounds like this is what you're looking for).

While I'm not a member of it, I believe that Lufthansa's Miles & More might be better for you (Rudi will be far more help to you here than I am). They have very attractive rules regarding point earning, status bonuses (although this may not be appropriate), points expiry, status expiry and they have a Star Alliance Award chart.

Edited to add: in the light of milehunter's info re Lufthansa's partnership with Air China, this seems like it might well be the best option.

[This message has been edited by Wingnut (edited 10-28-2002).]