I've recently started looking at Bonvoy as a way to increase my stash of points/miles for StarAlliance redemptions, especially on Air Canada which has amazing flexibility and partners. Credit card earn outside QF, VA and SQ is not available to me, so buying miles economically is a strategy.
Notwithstanding the great flexibility of Bonvoy points themselves,
for my purpose I just did a calculation, which may be of interest.
Buy 100K Bonvoy, with current 40% bonus costs US$1,250 =
A$1,812. Transfer 120K Bonvoy to Aeroplan, becomes 120Kx1/3x1.25 = 50K Aeroplan points IF my maths is correct
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Buy Aeroplan, with a 100% bonus (not current, but common), so buy 25K Aeroplan, with 100% bonus = 50K Aeroplan for C$875 =
A$941
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Half the cost of Bonvoy, with current 40% Bonvoy and regular 100% Aeroplan bonuses, again, if my maths is correct. This difference really surprised me.
Again, I know Bonvoy has great flexibility with many airline partners, and some you can't buy miles as with Aeroplan, but Aeroplan does have an amazing list of partners itself, especially amongst the smaller carriers not part of Bonvoy.
Anyway, I won't be buying Bonvoy - but I'd be happy to hear if I'm wrong in my thinking above.