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

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... hannel 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 θ_13. Though tau neutrino appearance with charge identification (silver channel) helps, in principle, to resolve degeneracies for intermediate sin^2 2 θ_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 θ_13 < 0.01.