If you already have miles in those two programs, there is no value in signing up for a CO account separately. I would suggest putting the miles with NW but you can earn miles with both programs.
For inflight entertainment, 10 of CO's 752s currently have PTVs with AVOD (video on demand) in Y. See this link for more details:
http://flyertalk.com/forum/showpost....1&postcount=40
If you check the following link:
http://pda.continental.com/info the day before your flight, you'll find a link there that lets you see the specific entertainment system on the aircraft operating your flight. If no PTVs then it'll just be TVs from the ceiling.
Hope this helps!