This is a pretty simple and cursory overview - hardly "ultimate".<p>Also, having seen some actual creative bookings (not full-on penetrations, either), calling this "hacking" is a stretch too. Google things like "fuel dumping" to start learning about actual airfare hacks.
The information about AA is not quite true. No status gives you automatic upgrades. Having Platinum status gets you the ability to upgrade domestic flights with "stickers" (which you earn by flying and can buy), but it's all space-available. You won't know if you're in first class perhaps until everyone has boarded and they are closing the gate. You get no official upgrades on international flights except the cash + miles upgrade. If you get the next status up (100,000 miles required), then you start getting the real benefits. You get unlimited free domestic upgrades (space-available, of course), and you get 8 systemwide upgrades that you can apply to any ticket to upgrade to the next class of service for free (space-available). It's nice if you buy a cheap business class ticket ($1000 half-round trip to London, for example) and upgrade to first class. (But of course, business and first on American are not nearly as nice as business and first on Cathay or BA, and your AA status gets you nothing there.)<p>Anyway, if you want to go the elite status route, you can't be a price comparer. You have to value the benefits you'll get with your status over saving $100 on your next flight. Because 33,000 miles on United, 33,000 miles on Delta, and 33,000 miles on American gets you pretty much nothing. But 100,000 on one of those gets you quite a lot. (I personally lean towards the Oneworld airlines because AA chose good partners. Even if you are flying on AA, you can still use BA's lounge. And they are very nice. Cathay's lounge in Hong Kong is also amazing. Shower rooms, nap rooms, etc. Great way to kill a layover after a 15 hour overnight flight :)
> <i>"On our example, this doesn’t work because we are going from the United States to England and the English Pound is worth more than the US dollar. Additionally, the Iceland Krona is not worth less than a dollar. However, if we were going the reverse way, this would work."</i><p>Not quite. See <a href="http://en.wikipedia.org/wiki/Arbitrage" rel="nofollow">http://en.wikipedia.org/wiki/Arbitrage</a><p>I think the way you are looking at it could cost you a bit of money if you are not careful.