Here is what I found on the Continental Website which clearly lists their priorities on Elite upgrades. It does seems like if we are to fly Continental, fare class comes before booking time.


* Unrestricted Y fare class or Northwest Airlines -26/-27 fare: Allows all Elite members to upgrade at the time of ticketing when a seat is available. If a member is already ticketed and wants to request the upgrade, they can visit Manage Reservations or call their Elite Priority Line and provide their confirmation number.

* Elite level: Members are prioritized according to their Elite level -- Platinum, Gold and then Silver. When traveling with other Elite members or non-Elite members, Elite members should purchase their flight on a separate itinerary.

* Restricted fare class: Upgrade priority within Elite level will be based on fare class purchased. The fare class structure in priority order is as follows: H, K, N, B, O, V, U, Q, I, S, W, T, X and L.

* Booking date/time: All else being equal, the sooner Elite members book their flight, the better their upgrade chances.

* Check in time: If your upgrade is processed from the standby upgrade list at the airport, check in time will be used in place of booking date/time.