Yeah, I guess you are literally correct.

I have been doing a lot of short trips lately, and when WN entered the market on my most frequent route, prices dropped on both US and WN. The difference was that while US matched the WN price on any given day, US was still charging a price premium at specific times (e.g., Fridays, Sunday nights) while WN was offering a lower price and leaving at basically the same time as the flights I had been taking on US.

As far as upgrades go, on US I have about 75% shot at a first class seat on a regional jet where I have a choice of some chips or cookies, and free drinks. On WN I have basically a 100% chance of an empty middle seat, usually a whole row, on a mainline jet, which is more space than a single F seat on a RJ. Choice of peanuts or pretzels. Drinks are regulated by drink coupons so not unlimited, but I fly to get home, not to get drunk. Southwest also boards extremely quickly. Rapid Rewards points add up quickly, and since they have a static cash conversion rate, I don't have to hoard them. So it's a wash (other than hiking to Terminal A at DCA). I think I might feel differently if WN had 90% load factors out of DCA, but they don't.

I still have US Gold/AA Plat status, I do plan to use US/AA for upcoming international travel. I'll probably re-evaluate in March/April.