With CX don't you still have to pay the fuel surcharge? It seems like that would be a fairly big fee, at least comparable with the higher fare for upgradeable tickets. Or maybe I am mistaken because I've never actually redeemed a full ticket with AM.

I just checked the transpac I usually fly and the upgradeable economy fare is $300 more than the mileage-earning economy fare. That doesn't seem so bad for long haul.

I tend to think upgrades are the best use of AM for a number of reasons... You still earn elite miles, which is good for anyone who is borderline between elite levels. Upgrade availability seems pretty good, as 100% of my upgrade requests have been granted, although they always wait list me until a few days before the flight. Also, capacity-controlled full ticket award availability kind of hinders the value of those for me.

With CX you pretty much pay for all of your elite benefits, one way or the other. IMHO that works out pretty well for elites who can afford it.