1. I don't think an elite get preferential treatment when it comes to rebooking right now on CO. Whether they should be, I don't know. I guess the answer depends on whether you're an elite.

2. To me, the word "protected" means the airline rebook you on a later flight with a confirmed seat. It means you don't have to standby each and every flight along the way. It means you will get to your destination some time. It does not mean putting you on the next available flight. It does not mean bumping other people to put you on any flight.

3. I have problem understanding kennynbabes complain. If CO automatically rebooked his return flight two days after his original flight and give away his seat on that flight, I wonder how furious he will be. CO cannot read mind. They can't tell if you want to come back at original time, one day late or two. That's why they let you change your plan for free, once. I don't know what's there to complain.

Edit: Let me add the next point:

4. During a major weather problem like last weekend, you're very late in rebooking if you wait until your flight has been canceled. I believe CO put out the bulletin about "travel reaccommodations" at least 24 hours before the weather hit. During that time, many people have travel plans have already rebooked on the remaining seats for the next 2-3 days. Act early, act fast, and you save yourselves a lot of time and trouble.