The seats do indeed seem to be the issue.
Last week I had the 11.05 (CX714 from CGK) and this was a 777 2-class with old seats. Only reason for not taking the 777 is that you might end up in the middle seat. So check in early.
They will usually put upgraders in the middle seat. CX overbooks all the time on this route. They get great loadfactors on it and there is quite some competition (even from a LLC).
Two weeks ago I booked a seat for Mrs.Miles on this route in Y for HKD1200 incl taxes, that is only USD 150! No miles though.....