It really is odd how Porter treats Porter Reserve. On paper it makes sense as a $50-$100 upgrade (somewhat similar to the Flex > Comfort upgrade on AC). But it's generally priced much higher than that, and treated as even a scarcer resource in the frequent flyer program, with one measly upgrade per $2000-$3000 spent.

As a frequent YVR-YYZ flyer I'd fly Porter Y over AC/WS Y any day. But AC offers me the ability to fly 50%+ of my flights in PY/J via eUpgrade and the occasional splurge award flight along the lines of Ethiad F by engaging with their reward program, whereas Porter offers me two measly upgrade certificates to Porter Reserve. If they didn't pretend PR was so valuable it wouldn't be quite so disappointing a program.