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Read the post on FT, all I can offer is my own experience.
Have reached * Gold this year after two return J class flights to Asia on SQ(to BKK and DEL respectively) coupled with a flight on TG fron BKK to Chiang Mai. This was all on NZ's program - which I note you didn't include in your analysis. With a few hotel stays I now have enough Airbucks to get me to LAX or JFK and back. Air NZ great for J travel, and short distance Y, but I will put longer Y travel to Krisflyer. Upgrade benefits on NZ not that great though.
Whatever you choose - join Krisflyer - you can credit your miles to another * program, whilst sectors flown in J on SQ still count to PPS status.
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