Be sure of the law
Before you do nothing and assume that you will remain on your existing contract make a few enquires . Nothing would be worse than to find that under some obscure law in HK not rejecting a proffered contract is tantamount to accepting it.
For all Capt's 50 or older it is a simple decision COS 08 is the way to go, SLS is an individual decision. Do they need it? I do not believe they do, especially when they are spending billions of dollars buying their own stock back. Talk about crying wolf once too often.
For the remainder of the aircrew it is much more complicated, I cannot see any improvement in COS 08 that would make signing away BPP worthwhile. If the majority of the FO/SO body refused to sign across the company would be forced to offer another contract in a year or two hopefully with much better conditions.
Can you see this company permitting a situation to arise where a large number of pilots are forced into retirement at 55. Because they refused to sign across in 2009. When you all get to 55, you will be the senior pilots of the day the check and trainers, senior line captains. This is experience they cannot afford to loose.
Sorry I just cannot see this happening . If for once you stick together there will be another contract at some time in the future.