A couple of observations:

The continued expansion will likely be in transpac UHL, where there is real money to be made.

In this market, CO is the only major airline without a true lie-flat product in at least one cabin.

If it ends up expanding to Dubai or Abu Dhabi, CO will be competing with the likes of Etihad and Emirates. Etihad offers superb like flat in both J and F, while Emirates has it in its F.

Australia is a market where premium cabin travel is very expensive, about $18-24 k from NYC. The other players all have true lie-flat.

At some point, one has to wonder is CO really has any choice in the matter in order to remain competitive.