I think the former is the key. It would be difficult for CO to have its customers sitting next to UA customers on the same plane, talking, when CO had a significantly weaker program.

Now, aside from SWUs (and as you say, maybe we'll see that), and certificate ugrades vs. EUA, the programs are very much similar, barring some nuances here or there.

What I'm hoping is that CO is not just doing this to match UA, rather these changes really reflect a mindshift in CO regarding the loyalty program -- in that they want the loyalty program to drive buisness, rather than being a necessary cost just because the competitors do it.

Every item can be justified in some way. You can argue that not charging Platinums a $25 SDC fee is a loss of revenue. You can also argue that waiving the $25 SDC fee for Platinums helps ensure that his future business comes to CO since he knows he can take advantage of that perk and frees up a seat later for sale or IRROPS handling for a misconnected customer. Which is the bigger win? $25 in the pocket (or not filling that empty seat if the customer decided to not spend the $25 and instead drink CO's beer in the club for an extra hour or two)? Or the happy customer who changed for free, plus the second customer who misconnected but was quickly reaccommodated because he didn't have to overnight since space was now available on a flight he could use?

As you can see from the positive reaction here, people are already more apt to give CO business because of a more generous program. Plus with 100% EQM regardless of booking channel, it lays the groundwork for 100% EQM for UA flyers flying CO as well -- we will likely see more UA flyers try out CO, or use CO when it's convenient. CO's southern and Texas networks will come in handy for UA.

While I'm sure there is some cost associated with positive changes, hopefully this will pay off for them and prove it was the right thing to do.