I've got good news and I've got bad news:

Bad News: UAL unveiled their new C product. Wow. Fully flat bed, 15" AVOD system, 76" of pitch, 23.5" of width.

Good News: I just saved a bunch of money on my car insurance by switching to Geico. ...Not really

My two cents: CO has a relatively strong soft product This may help the current BF offerings compete longer but I see it only as helping it coast longer rather than provide more speed in the premium customer race. Likewise CO can sell out their J cabin with Z/R fares...but do they really want the majority of the front cabin consumed by discount J tickets (or upgraders for that matter?) Finally CO also has the hub advantage in that they can offer (or will be able to when the 787's arrive) more service designed to accommodate firstly O/D traffic and then connections. I'd guess a hub captive (or your regular C/J schedule sensitive traveler) would be less willing to defect to another carrier at the price of a connection...assuming the competitor does not offer comparable non-stop alternatives. (UA may not offer non-stops from NYC to Asia but SQ, TG, NH, JP, etc do).

In short, I'm hoping the new BF on CO won't disappoint or fall short and is strong enough to fend off foreign carriers offering non-stops.