Personally I don't think global alliances have a great future and have never achieved their original aims of consistent service standards, global recognition and common FF programs. Instead we've ended up with camels like Star that have airlines from the very good SQ through to the perennially terrible UA grouped together providing zero chance of a successful outcome.
People have been saying this for years, that alliances don't have a great future, yet here we are and they still exist. Frequent flyers love them - which is evident from the years of sadness from Australians that there is no local Star Alliance domestic airline.
When it comes to oneworld, they do a good job. I've flown with QF, CX, AY, BA, AA, LA (before they left), EI (before they left), RJ and QR and global recognition is certainly there, plus consistent enough standards on board.
Not sure about your "common FF programs" comment. The oneworld launch press release from 22 September 1998 states, "The intention to enhance existing co-operation between the airlines in the field of frequent flyer programmes, enabling them in particular to provide more mileage awards, wider recognition for top-tier customers and access to more airport clubs and lounges."
"Smoother transfers for passengers travelling across the global networks of the five carriers.
Greater support, with employees of each airline equipped to assist and care for customers travelling with any of the oneworld airlines.
Greater value, through a range of round-the-world products."
I don't think there ever was an intention to have common frequent flyer programmes.