grahampros, you raise all the right pros/cons in your original post. Unfortunately, it really comes down to how you value each of them. I went through roughly the same exercise. I've always been a long-time CO flyer, being based in Manhattan. I made EXP in 2005 through 2/2007 thanks in part to a RTW but then had to re-evaluate where I'd focus my earnings in 2006. It was a tough choice for all the reasons you mention, but I went with CO. I think for me it ended up being primarily a function of (1) a lot of flying NYC-LAS, which AA didn't serve nonstop at the time (and still only now have 1x daily vs. 5-6x for CO), (2) lounge access on CO with the Amex Platinum (obviously that playing field has been leveled) and (3) I wasn't sure I'd even be able to hit EXP again, but CO Plat is easier. For #1, I obviously made the decision that nonstops were highly preferred over connections; my time is just too valuable to me to connect everywhere.

Don't forget that as a CO Plat (or Gold), you'll be able to preassign exit rows so legroom will rarely be a problem when you do get stuck in coach. CO Silver's can't pre-assign exit rows, so it's even easier than on AA to snag one.