One other thing if you're deciding between CO-operated and VS-operated - if you fly CO out of LGW, and there's a delay in the flight, CO has a Pres.Club at LGW. At LHR, you're stuck.
We spent the most enjoyable 8 hour delay I've ever had (OK, I've only had 3 other 8 hour delays in my life) at the LGW PC in 1998. It was the opening day of the World Cup, and the 3pm DC-10 to EWR got cancelled by mx. My BF seat was a reward ticket. PC brought in a buffet lunch for the matches, followed by a cold dinner buffet at around 7pm. Of course, the $950 voucher helped...