I know many people tranfer its membership reward points to airlines program such as Delta or Continental because they are the only two Big US carriers you can transfer into. With new award chart from ANA airline, you will get a better value for points tranfer to ANA.
One Mile at a Time mentioned here
Most US airlines charge 90000 miles for a business class award ticket from US to EU, this maybe a good value if you travel from Central or Western US. However, for people live in East coast, a short 7 hours flights for 90000 miles is too much.
ANA award is distance based, from from JFK-LHR-JFK roundtrip is only 6902 miles, which is under 4,001～7,000 level, so 63000 miles if enough for Business class. or for some people in other east coast cities, you should fit under 7,001～9,000 level, so 68000 is good for a business class to Europe.
Another good part is not only you can redeem on any Star Alliance partner, but also Virgin Atlantic, which has one of the top business/upper class in the world.
If you want, you can add more than one, up to 4 stopovers en route. Most US carriers can only have one stopover for award ticket.