CO has cancelled (probably temporarily) the 50% EQM, but turned around and at the same time stabbed us in the back with even higher cash penalties for upgrade to B/F class to Europe.

Revised BusinessFirst Upgrade Fees
In response to declining international fares, effective Jan. 1, 2005, Continental will raise fees to upgrade to BusinessFirst on discounted economy tickets. One-way upgrade fees for tickets booked in B or O class will increase from $300 to $350. Tickets booked in V or U class will see upgrade fees go from $300 to $400 and tickets booked in Q, I, S, W, T, X, or L class will rise from $400 to $450 each way. There are no fees for upgrades for tickets booked in H class (except for flights to or from Hawaii which remain at $200 each way) and the fee for tickets booked in K class will remain unchanged at $200 each way.

Can you believe this. Buy a ticket, pay $900 and 40,000 miles to upgrade!!! Are they insane? What is the “Reward”?