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Depends on what you are wanting to use the points for, and which airline you are likely to fly most in the future.
For example, you could use the points for QF upgrades if you are likely to be flying on paid QF flights.
But if you are looking for QF awards, you may be better putting the points into AA since their award redemption rates QF generally require less points. But AA miles will not get you upgrades on QF, but they will get you upgardes on AA.
So there is no simple answer. For me, I would probably add them to my QF total and use them for trans-Pacific upgrades.
Sorry, can't comment on the new NZ program and their $$$ calculations.
*IF* the 200,000 points translates into 200,000 NZ AirMiles, I would be going for NZ myself.
Under the new NZ program, 1 AirMile = $NZ1, and ALL seats are up for grabs. So if there is an F seat available the day before you wish to go, and you have enough AirMiles to get it at the fare that it would be going for for cash, then it is yours.
Best FF scheme around (for redemptions, that is - not sure yet about earnings).
Dave, it might look attractive for economy seats, but given the going price for an economy seat, say SYD-LAX, is likely to be about 20% of the going price for a J seat, and probably more like 10-15% of an F seat, we suddenly see a J award being five times the "cost" of WHY, and F being 7-10 times the cost of WHY.
Compare that to a pure points redemption program like QF and we see that for the same routing, where J is twice the points of WHY, and F is a 25% premium over J.
But, of course, seat availability in the premium cabins is a lot greater for the NZ new program.