R is the fare class used by CO to depict that you are travelling on an upgrade from Coach to BF (as opposed to paying BF fares like D or Z). Unless there are more glitched on CO.com, you should keep the R fare on your record, but you should get the same level of service as any other BF passengers.

Call CO to get a seat assigned asap. This is definetely another CO.com glitch

BF is definetely in another league than domestic F. Now, comparing it to other int'l Business class, I think BF is pretty good, but definetely not the best.