Dano..your question does not have a single answer as it depends on individual circumstances.
However if you only fly...then it would probably be US programs are better than Asian Programs which are better than Australian/NZ Programs. But it will also depend where you fly...and in what class etc.
However, most of us also gain points by various means...Credit Cards, Hotels, Car Hire etc etc...
Credit Cards deals are often on offer, but you may need to be a resident of that Country to get one there...ie US for example.
For me as an Aussie living in Australia with limited flying, but healthy CC spend it makes the most sense for me to have adopted Krisflyer as my best value FF program after having considered earning and burning rates etc.
However there are still ways to accumulate QFF points that cannot go to Krisfler.
So I currently run 4 FF accounts...but keep points on 3 different free credit card earning areas.
Krisflyer: I have just switched to them after Amex doubled the transfer rate to Krisfler (this saw QFF fall out of favour for me). I will used this for long haul internationals in Business Class
QFF: I will continue to pick up some oints here and will use for short haul internationals. Possibly ecxonmy as the flights are only say 5 hours.
BMI: I have this as have been able to aquire enough free points ina year for an international flight.
AA; I have a very small amount of points gained from competitions and the like. I had been thinking of switching there from QFF, but the Krisflyer re-arting saw it jumped passed AA. so most likely will not use.
Westpac Altitude: I have some leagacy points here as I have stopped using the card as it's earn is only 0.5.
Citibank VISA. I havea free for life Gold (cannot get anymore), Can direct to SQ or QFF
AMEX. I now use Amex where I can due to it's higherearn rate of 1.5...andfor SQ a higher transfer rate as well.
I am also keeping my eye on Virgin Atlantic as they have deals at occassionaly to transfer ata higher rate.....
So with you...have a read of the various Aiarline and CC Threads....and nut out what is best for you.
ie...
* what you can earn
* if you pay to flya lot, that may make the choice for you (though some people fly on one airline, but credit to another)
* where you want to fy (redeem for) and what Class