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Downsides of flying US-marketed, AA-operated metal?

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My data is too limited to pontificate, but it seems like USdbaAA is for the moment trying to position AA as the premium airline versus US as a low-cost carrier. It's pretty easy to find US-marketed flights operated by AA where the cheapest-available fare (in a given cabin) offered by AA is about twice what US wants for the same flights..

My current interest is an ex-Europe TATL in discount-biz, which AA would call "I" but US apparently calls "Z". (Or is the trap here that "Z" and "I" aren't really the same thing?) In Z, US will fly you to LAX and back for $2100 or a bit more, depending on the European city, using BA and AA metal. AA wants over $4000, presumably for D - I didn't check for the same trip - for the same flights.

What do I give up for flying the code-share?

As an AA plat - though I don't think it matters - if I flew an AA flight I'd get seat assignments at booking and could request a miles plus money upgrade to first (although the word seems to be 'don't hold your breath' these days).

On a US-marketed code-share I believe I can go over the the AA site and pick seats right away, but can't even ask for an upgrade - T-24 is mentioned for domestic. (Not that it would happen in any case, we're just being pedantic here.)

I believe EQMs, RDMs, and bonus miles accrue to my Aadvantage account the same in either case, RDM's add to million-mile totals, and 'stickers' come along with the deal.

Please pop my bubble if it needs it.

(Note that I'm asking for advice if I'm wrong about the consequences of flying US on AA metal. I don't mind if the thread drifts to the pricing differences (or not) between the carriers, but please realize that I've already admitted my ignorance and argue that among yourselves.)

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