Doesnt seem like they are real miles. They cant be transferred to AA, US, etc. Or can they?
They can't be transferred to any real miles.
Starwood points right now for example can be transferred to US at a 20,000:37,500 ratio or to AA at a 20,000:33,750 ratio.
So if you want to go first class to Europe on a ticket that would cost $15,000 expect to pay 1,500,000 Capital One points instead of say 60,000-80,000 Starpoints.
Yes, if you use your miles for $250 domestic tickets then you could wind up better with the Capital One, but otherwise it's not even in the same ballpark.
Also Starpoints can be extremely valuable at hotels, especially during peak season redemptions or with cash and points, or nights & flights, etc.
I'm not very familiar with this particular card, but Capital One usually has other strings attached, like how far in advance tickets need to be booked or how long you can stay for.
In addition proprietary program very often heavily devalue your points after you earn them. Capital One has done this in the past making points worth far less, as has Citi Thank You points, etc.