No. Because of two things:
1.The ridiculously high fuel surcharge is only applicable for UK carriers like BA and Virgin.
2.United uses Miles+Copay on all upgrades except full-fare Y,B and J/C/D. So a one-way to Europe would cost 30k miles for an award, and 20k Miles + anywhere from $300 to $550 in cash for an upgrade.
http://www.united.com/ual/asset/Unit...after_6_15.pdf
http://www.united.com/ual/asset/MUA_...after_6_15.pdf
Of course, this could all change in 2012....but probably for the worse....