I have had good experiences with lost and damaged baggage issues with CO. Maybe I am an exception.....
I had new bag badly damaged once, and took it to the baggage office immediately. They made a report and asked me to bring it back to them once I had unloaded it at home. I did so the following week, and a few weeks later, received a new bag (no-name brand, though). I guess they looked at the damage and felt that the repair was too costly. The original bag was not an expesive on either.
One other time I was told to box it up and ship it to a luggage repair place, and although it took a month or so, I got it back in like-new shape.
As far as lost luggage, CO has always sent it to me via a cab(?)at my home or hotel usually within 24 hours.
BTW, what status do you have? Maybe they work a little harder for their Golds/Plats....
K