Yes, you get a percentage off the lowest available fare although there are times where a regular revenue ticket is cheaper. The system hasn't been upgraded to allow you to book Discounted First (G, A, and P fare classes) although Comfort+ is now an option and I presume that the Premium Select fares will become available once the A350's start flying.

Whether or not you have status, you're treated like a regular revenue customer, at least you're supposed to be treated that way. if you have status, automated systems will recognize that for most things such as automatically upgrading you to C+ (your E+) and F at the appropriate windows and properly placing you on the Airport Upgrade List. It's the Customer Service Reps on the phone and the Gate Agents and Redcoats who don't know about it and don't believe that you'e allowed to ask for something because "you're on a special ticket".