Ehh, how about no?
20% fuel savings is about 2/3 of the allocated cost of the airframe on the type of segment those planes fly. Fuel is >30% of CASM, and this quarter its going to be even worse. The airframe is 10% of CASM. do the math.
for the 777s:
50k for new seats * 50 seats/ac *20 a/c is $50 million. That's a non-trivial amount of money up front, but if CO can get just another $100/leg out of them, and they fly 1.5 legs a day, that cost is recouped within a year.

CO could charge more for a better business class product. As it is, CO's product is cheaper than United's inferior product. Business Class seats are much more price inelastic than Y. Biz Travelers are often tied to the carrier in many ways: corporate agreements, FFP and network/schedule.

The seat may be ageing but its good enough for now. I don't think they want to introduce a new product and have the 787 be a 'me too', they want to launch it with the 787. They could however, (and I think this may have been implied with the timing of the announcement), install it without fanfare on the 777 fleet so they are ready at the same time as the 787 comes out.

At the same time, CO's inattention to certain parts of the soft product will start to eat away at them. The wine selections are pathetically bad. And the heavily touted concierge product is a joke. And the pclub isn't up to int'l J standards (though I understand that is being looked at). Those are issues that can be fixed QUICKLY.

The concierges should be checking on pax and making sure that their arrangements are fine for the other side, to see if they need transportation or a shower when they arrive. Right now they just seek out the non-OP members and sign them up.