1K gets you:

6 System Wide Upgrades (SWUs) at 100K, and two additional each 50K increment above 100K. (If you flew 150K next year you would have earned 8 SWUs during the year.) These are confirmed at booking if available.

2 Confirmed Regional Upgrades (CR1s) each quarter that you fly 10K bis miles or more -- a total of 8 may be earned in a year. Also confirmed at booking if available.

4 e-500's earned for each 10K miles flown, unlimited earning. Confirmed at the 100 hour window for 1Ks.

No fees for award travel, including changes (other than taxes, etc.)

Refund of Chase Visa fee -- Plat value is $140 (which currently comes with first sign-up bonus of 25K RDM, 5K EQMs, and the ability to earn 5K EQMs on a 1 to 1 basis for tix purchases on ual.com, and 5K EQMs when you spend more than $35K in a calendar year.)

I realize the last two are not "upgrades" but are true values of the 1K program that are less mentioned.

Enjoy.