They're all essentially the same. The key is selecting an airline where you will actually be able to redeem the miles--- for example if you live in Dallas, you should get an AA card because AA really dominates the DFW airport and all the other airlines are a lot more limited in service from DFW. Charlotte is a big USAir hub, and Atlanta is a huge Delta hub--- if you live in Atlanta, it's really easy to get a Delta flight to pretty much anywhere but getting a USAir flight is a lot harder. So an equal number of USAir miles and Delta miles won't be "worth" the same priveleges if you live in Atlanta. The Delta miles will give you more choices.
Keep in mind that you're going to have to spend between $20k and $50k on that card before you can get a free flight--- most airlines give you a bonus of 10,000-20,000 miles on your first purchase and a mile per dollar after that, but you will need 50,000 miles for a free round-trip domestic ticket. You *may* find some round-trips on each airline for less but they are the exception and not the rule-- if you want to redeem with no blackout dates (you go on the day and time that you want to go instead of when the airline has a "freebie" seat) then you will need to spend the higher point value.
Also most of these credit cards have an annual fee of $50-125 depending on the credit card company, and a higher interest rate. If you are paying the card off in full every month, then it might be worth it but if you're not paying the card off, you're going to spend more on interest and fees than your free ticket is worth. Check the fine print, too-- many offer you "teaser" rates when you sign up but if you go over your credit limit or are even one day late on one payment, you'll see your 8.9% rate jump all the way up to 20.9% or more!
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