Yes, very interesting reading.
Like some others, the phantom booking problem seems to not exist on the other airlines I fly.
I used to fly CO exclusively, but their arcane international upgrade rules (and I too despise paying extra for a "reward") have made me largely abandon them for international (BFirst) travel. After all, upgrades are much easier on practically every other carrier. So now I select CO for domestic flights - (where their products lead the industry and I have a very good chance of getting the upgrade) or if I am buying a "sale" BFirst fare or executing an award in BFirst (none in years for me.)
The limitations of the international upgrades have certainly been a factor in driving me to other airlines -where I have often been pleasantly surprised. Nonetheless, should the CO upgrade restrictions be lifted, I'd be happy to increase my participation in the program (it's basically a good one!) The onset of the BF upgrade restrictions probably cost CO between 50K-100K miles flown a year for me. UA and DL have been happy to have my business - though draconian changes at DL-in-bankruptcy have turned me from a mileage collector to a rather pressured burner there.