Hi Pat,
Interesting article and you can find more information on various fare classes at FlyerTalk.com/forum.
Y fares can be a great deal. However, they do not guarantee a first-class seat. So, before you purchase a Y fare you need to call the airline to confirm the upgrade. Otherwise, you'll just overpay for a coach seat. You won't be placed in business/first without requesting the upgrade (at least that's the experience we've had with Continental).
Here's some price comparisons based on a search I just did at Continental.com...
Newark to Honolulu to Newark (11/3/08-11/12/08)
Y economy fare is $2,437 per person
Ticket earns 150% mileage for OnePass members
R discounted BusinessFirst fare is $2,693.84 per person
Ticket also earns 150% mileage for OnePass members
A and J are the full fare BusinessFirst tickets and they are currently pricing out between $4,300 and $4,600 per person.
I and S economy fares (lowest available nonrefundable) are currently $787 pp.
Here's another pricing test...
Newark to Seattle to Newark in July 2008
Y fare is $1,197 pp
R fare is $1,358 pp
U fare (lowest nonrefundable available) is $478 pp
I think Y fares can make a lot of sense when the discounted R Business/First fares are sold out. Definitely worth investigating on long-haul trips.
Andrea