Ultimately I think that you should have a plan for what destination you want.
If it's HKG, 120k Velocity will get you a return in Business, and availability is good. It's on par w/ QFF at 60k, but taxes are a bit cheaper I think. It's supposedly 80k r/t on A. miles, but availability could be pretty bad.
If it's Japan, 85k will get you a return flight on JAL via Emirates.
If it's Europe, I would go with Krisflyer, as you can still top up with velocity if you are short some miles, or fly there using QFF and fly back using KF (Hint: if you fly out of IST, you only need 78k using TK airlines)
You can use
www.awardhacker.com to determine some other transfer partners as well, although it doesn't really show everything.
Don't ask "which is the best program?", ask "where do I want to go?".