I think this is a good deal.
SFO-LHR is around $2855 and to MUC, it's around $2709. I think that last year, I got SFO-FRA for $2200, but that was a rapidly vanishing fare.
I think for business class mainly being around $4000 to $8000, and now $3400 with the bad economy, $2700 is pretty good. I agree, it's right on that cusp of being cheap, but still quite expensive. For two people, it's $5400, more than the cost of an entire vacation for most people. However, I think it is still better than the $3400 they are currently offering. Perhaps, they will do some super sales later on.