Thanks everyone for their inputs. I had briefly seen the EK business class on the B777 (SFO-DXB) as it was right behind me. I felt the seat was too narrow for J class specially when converted into the flat bed. I haven't seen the J lounge in DXB, but did spend decent amount of time in the F lounge and that too is quite exquisite.

Anyway, so the general feeling here seems to be that VS UC is not worth the extra miles. I still have many months before my next visit to India, hopefully CO will change their policy by then regarding EK F or at least for *A F like SQ.