I'll give this a provisional ^, pending the details.
Concerns:
1) Will e500s just disappear/become meaningless? I don't see how they won't, and that means those of us who weren't grandfathered in to the conversion to RDMs upon expiration will be just SOL.
2) Will 1Ks still get CR-1s? It would be rather unfortunate if this benefit disappeared with the introduction of these CO-style upgrades. It would be nice to still be able to upgrade flights in advance on elite-heavy routes, rather than play the upgrade lottery.
3) Miles upgrades? Now there's even LESS reason for elites to pay the $50 copay - so come on, UA - eliminate it for us!
All-in-all, though, I think that once the kinks are worked out, this change will be beneficial, especially to 1Ks. Thanks, UA!