Not really, the cutbacks on a system wide level on millions of pax / year will save a lot of money, not that I agree with those cutbacks, mind you. To answer your question, I once had a conversation with a FA on AF transaltantic Espace Première and we spoke about the comparison of AF F to the F on other carriers such as LH and SQ. The FA was very humble and said that he felt AF F couldn't compete with SQ F. I told him that while that is true if we compare strictly on the basis of catering and inflight entertainment - the overall F experience may not necessarily be below SQ because AF F can provide a very dedicated & personalized service, especially if you are French or French-speaking. For example, I was able to develop a very good rapport with that FA and I specifically asked him to address me by my first name and in response, he was one of the best FA I have come across.

Besides, the only transaltantic route SQ flies with F is between JFK and FRA and the schedule is not very convenient. So my response to you is that there are indeed factors besides catering and inflight entertainment that could potentially add points to the AF products but I will admit, there is some elements of cultural bias as well. Because you are Greek, you may not feel the same way that say a French would when flying AF premium cabins and where the service is provided in French. Similarly, many Americans tend to give U.S. carriers a higher mark than non-American customers.

At least on the transatlantic routes, AF premium cabins, whether it's Première or Affaires, there is not much of real competition except maybe LH. BA's F is old and outdated; personally I found BA F to be poor value for money / miles. LH's F has good catering + caviar but their seats need to be upgraded soon. As for C cabins, AC and CO provide some good competition due to their two cabin strcuture so their C is a hybrid of F and C. But other than that, AF can compete on features besides just food and inflight entertainment and airlines should try to do that, otherwise it's always going to end up looking like bloody price wars.