I guess it depends what you want to do. 120 KF will get you almost half a Star Alliance RTW in J; it will almost get you one way to Central Asia in F (when I did this, I went MEL-SIN-DEL in F and DEL-IST-ASB in J).
The advantage with KF is you can use them to combine flights whereas if I understand Avios correctly, they charge each flight separately unless a route is marketed as direct. Plus, Star Alliance seems to have better availability, more carriers and more destinations.
I am using up my ancient stash of Avios next year to go from Bucharest to Tehran and Tehran to Amritsar. They are useful for getting access to the QR network and although I do not like the airline, they do fly to interesting places.
I am genuinely torn right now between sending my Citi Prestige points to Avios or KrisFlyer, especially with the option to add more Avios through the BA subscription.