What do you think of lufthansa miles and more?

If u plan to go right to the top with first class terminal with LH, if not just go for KF or AM

The only transfer partner for M&M is SC bank and even then the transfer ratios are not too good.

If you have a more cost effective way to transfer miles (probably you have access to options in Germany), then it could be worth it to stay in this programme.

If not, the only real benefit would be the ability to book Lufthansa First Class ahead of the general release to partners 15 days before the flight. For that, I might not want to take the hit in terms of the transfer ratio, as exclusive as the product sounds.