You absolutely have rights regarding lost and damaged bags. Continental should let you know what those are but I think after 48 hours they should be willing to reimburse you for most reasonable expenses as a result of not having your bag. They should also reimburse you for any damage that doesn't appear to be just regular "wear and tear".

Next time a F/A tries to take your bag from you I would recommend removing any vital medication or expensive items such as electronics or jewelry and then stand in the jetway and wait for a luggage tag to be placed on the bag and to be handed the reciept.