Continental and United will offer reciprocal upgrades starting “mid-2010.” Full details are on Flyertalk.
United 1Ks and Global Services will get complimentary upgrades on Continental behind Continental’s Platinums but before Golds. (Premier Executives come after Golds and Premiers come after Silver — good luck with that unless United’s lower tiers are flying on major holidays.)
Continental Platinums and Golds will get complimentary upgrades on United after United’s Premier Executives. (Continental Silvers will get complimentary upgrades on United after Premiers, but in theory before employees.)
Continental elites will get economy plus on United. United elites get ‘preferred seating’ (the same awful coach seats at the front of the plane) and Premier Executives and above can pre-reserve exit rows.