My take on this is that I don't mind flying Business at all--but not if I "paid" for First (even if it is with miles). There is a qualitative difference between the two cabins in comfort and service.
Another option you could consider is upgrading the paid segment with miles. This would get you into Business for the transatlantic flights for 50k miles, significantly less than the extra 140k miles you would have cash in for an award ticket.
Actually, with the 11k miles you would earn on this flight you end up spending only 39k miles to upgrade--and you get 11k elite-qualifying miles.
Edited to fix my facts (it's 50k RT to upgrade, not 40k)
[This message has been edited by stephlac (edited 09-17-2003).]