I recall a post a few months ago about a Cdn+ Gold member being upgraded from Y to J ex-Singapore due to overbooking in Y-class. This happened to me on CX earlier this month when back cabin was overbooked JFK-YVR. I expect this was because my file had my elite "Sapphire" status, and not because of the fare I was flying, which was the lowest of the low.

If this is the case, then the oneworld system does truly recognize elites and use this as a benefit when operational upgrading needs to take place.