The food was no better and the seat was worse.
But the HUGE advantage was the spaciousness of the cabin. You felt much, much less packed into a confined space.
Just think: they went on the 744 from 12 First Class + 66 Business Class to 46 Business Premier and initially 26 Premium Economy!
So sitting in rows 1 to 7 in the 747- 400 in today's business is really a big drop in
Space
Food
Service
Seating
From the old first class ?