Since discovering LAN last year and sharing it on DansDeals.com (see here:
http://www.dansdeals.com/archives/2390) I have come to realize more and more benefits of banking your SPG miles in LAN, and crediting all the OneWorld flights to it. I will list the benefits of LAN.
1. The SPG transfer rate is 20000 Starwood points to 50000 Kilometres. Since LAN works on Kilometres and all other airlines work on miles, and every mile is 1.6 kilometres so the reward chart is done proportionate to the kilometres, so you end up recieving a 35% increase in value when transferring SPG points to LAN.
2. For the above reason, their reward chart is significantly less than any other airline. See here the award chart:
http://plane.lan.com/lanpass/canjee_kms/tabla_premios-en-us.html.
3. They have two award charts, one for LAN flights (and AA and Alaska), and one chart for the OneWorld alliance members. AA & LAN flights are based on a regular zone chart, so to fly in the US48 and Canada on AA is 40000 kms, instead of 25000 on AA (FYI, AA has a promo of 15k for short-hops so don't use the kms for that). The great thing about it is that you can search online availability for any ticket on these AA flights (which are codeshared with LAN). Also, now you can fly from anywhere in the US48 to South America for the same cheap price of 48000 kms (that includes Brazil to which tickets usually cost $1000+)!!!
4. Their award chart is incredible, and it gives you great options, such as Israel for 95000 kms. To understand how to use the chart check out the above link to DansDeals.
5. They don't have any of the add-on fees that US-Based airlines impose:
* You can book the ticket 24 hours before and pay nothing (as opposed to AA $100 fee).
* You can change the ticket as many times as you want for free! (as opposed to some US-Based airlines which charge $50-$100 fee)
* You don't pay fuel surcharges (as opposed to most European Airlines).
6. The award chart states that flights from USA to South America Zone 2 (Peru, Ecuador, Brasil, Bolivia, Colombia, Venezuela) cannot connect in South America Zone 1 (Argentina, Chile, Uruguay), BUT I was able to price a ticket from MIA to GRU (S. Paulo) thru EZE (Buenos Aires, Argentina) or SCL (Santiago, Chile) for the same price.