CO's system seems to be working for them.

Business First generates revenue, either through direct ticket sales or the HoKeY paid upgrade system.

Is it as nice as a "true" First Class as seen on UA and AA? In terms of seat comfort, no. In terms of food and drink. Sure looks mighty nice from what I see on www.airliners.net.

Yes, CO's Economy Cabin is extremely uncomfortable, but so is DL's and NW's. AA offers an extra few inches as does UA, but for many those airlines are either not an option for international, or the domestic upgrades were more important than a comfortable international travel experience.