Okay, so something is not working like I thought it would work. My wife and I have tried to use Plus Points for 12 straight flights. We have finished 1st and 2nd at the top of the waitlist on each and every flight - except 2 where only 1 of us would have cleared. On almost every flight, there have been a number of First Class "bookings" within the final 24 hours. E.g. We were recently 1st and 2nd on the waitlist going into the final day with 34 of 50 seats booked ... the remaining 16 seats gradually filled up across the 24 hour time period. This has been repeated on most flights.

I'm assuming that I'm missing something regarding how upgrades work in the real world. In the interim, I have 700 Plus Points which seem to be worthless.