Being a Malaysian, i may sound biased, but i will not bat a eyelid to take MH or Air Asia again, especially from a safety standpoint. Remember, until 10 months ago, neither airline had had a major crash (which many other premium airlines have) so i wont be too concerned about the safety of flying them. Of course for MH to have to 2 tragedies within 4 mths and both in a very abnormal way is indeed hard to digest; add to that AAsia crash 3 weeks ago, makes its a tough year for Malaysian aviation.
AAsia is great for trips in SEA, as often they are the cheapest, though of late newcomers like Malindo Air are appearing to be a formidable threat (lets see if they will last).
FOr those who havent flown AAsia, they are just like Ryanair, Jet2.
As for MH, agree their MH Golden lounge is not that great (compared to SQ or THai) but its comparable if not better than many of the American airlines lounges that i've been to. However their hard product is still not up to par with their peers (SQ, Cathay etc) as most of their long haul flights in biz class still do not have lie-flat bed, which is almost a standard now.