My memory is that AA will refund you the difference between the F and Y fare on the legs you are downgraded. Is that correct? The annoying part that I seem to remember is that the credit is not automatic, you have to apply for it. And worse, THEY choose which fare the Y ticket is worth so basically a full fare Y ticket which I would never pay for on a long planned vacation trip. I didn't even bother going through the hassle as it worked out to something like a $15 difference based on my memory.

Also, you don't automatically get put on any upgrade list, which seemed like the least they could do.

Am I remembering that correctly?