Both points sound accurate. Sounds like what AA told me on my non-refundable tickets, but I haven't asked CO.

AA did something really nice. After I cancelled 2 tickets due to illness in Jan 2006, the rep on the phone volunteered to send me voucher for the FULL amounts (which I could use for anyone). Technically, he said that they have a medical out, but he didn't even ask for a doctor's note or anything...

CO didn't give me any offer like that on the CO ticket I couln't use in Jan 2006. AA definitely started winning me over with their service. I missed 3 flights, and AA looked very helpful...

Now I'm AA EXP and CO PLAT.