In the old UA, it meant you had a decent chance of getting upgraded. In the new UA as a 1K, it means, be prepared to sit where you originally picked a seat.
Free complimentary upgrades don't happen anymore. UA wants the traveler to use any and all upgrade instruments to move up in class; from miles to RPU's to GPU's. While I can understand this, I certainly do miss the old UA where status meant something.
For the new UA, the only thing that matters to them is $$$$$$$.