I've been in long-haul Business class (only once in true First Class and that was an operational upgrade) pretty often.

First, my employer has paid for it and yes, it does get to the levels you quoted between Kansas and India. I appreciate it because other than AA, the beds are lie-flat and I occasionally manage to get some sleep. (AA's don't quite recline and that makes a difference.) It also brings flying back almost to what it was in the 1950s. The FAs are generally more interested in taking care of you, you can get out of the window seat and go to the bathroom without dirty-dancing with the person in the aisle seat, you're nicely fed and wateredm and you have more room to spread out. There's also the reduced hassle around the airport- shorter check-in and TSA lines for Elites in many places, access to the lounges where you can get a shower after landing and maybe have a drink and some munchies- just much more civilized.

On my own dime, my husband and I have used miles to upgrade (not worth it IMO- on AA you don't get confirmed until they decide there's space available and then they have steep co-pays). We've also used miles outright for Business. I have a tall, 70-something husband with a creaky back. I think Coach is out of the question at this point. Our next trip we're using miles for him and I'm paying a discounted Business fare -$3,300 MCI-DFW-MAD. I don't think I'll ever pay full Business fare but $3,300 is manageable.

So, the short answer- to us, yes, there's a difference worth paying for but not the full sticker price and not more often than once a year.

PS. I already own a Rolex! It was cheaper than my airfare to Madrid, though.