  We discuss the optimization of a neutrino factory experiment for neutrino
oscillation physics in terms of muon energy, baselines, and oscillation
channels (gold, silver, platinum). In addition, we study the impact and
requirements for detector technology improvements, and we compare the results
to beta beams. We find that the optimized neutrino factory has two baselines,
one at about 3000 to 5000km, the other at about 7500km (``magic'' baseline).
The threshold and energy resolution of the golden channel detector have the
most promising optimization potential. This, in turn, could be used to lower
the muon energy from about 50GeV to about 20GeV. Furthermore, the inclusion of
electron neutrino appearance with charge identification (platinum channel)
could help for large values of \sin^2 2 \theta_{13}. Though tau neutrino
appearance with charge identification (silver channel) helps, in principle, to
resolve degeneracies for intermediate \sin^2 2 \theta_{13}, we find that
alternative strategies may be more feasible in this parameter range. As far as
matter density uncertainties are concerned, we demonstrate that their impact
can be reduced by the combination of different baselines and channels. Finally,
in comparison to beta beams and other alternative technologies, we clearly can
establish a superior performance for a neutrino factory in the case \sin^2 2
\theta_{13} < 0.01.
