A recent flight in paid first class was cancelled. I was rebooked into coach. When I complained, I got a small refund and this explanation:

"No doubt you were disappointed when you weren't accommodated in the First/Business Class cabin as expected. While the restricted first class fare you purchased was actually a coach fare that allows for an automatic upgrade when available, when a customer travels in the coach cabin due to an involuntary seat change, equipment change, routing change, flight cancellation, or missed connection, they are eligible to receive a travel voucher. The voucher value shall be equal to $0.10 per mile, or $50, whichever is greater, for each flight segment flown in the downgraded cabin."

So, not only does American insist they didn't sell me a first class fare (every bit of documentation associated with the purchase described it as First), but their compensation is actually less than it would cost for the stickers for my 733 mile ORD-LGA flight.

This is pretty disappointing. The fare difference between P and the best available coach fare on the date of purchase (O, IIRC) was about $700. The receipt indicated first class, the fare class (P) is described as First Class. Am I nuts to think I bought a first class ticket? Yes, as a flyertalker I should know better, but I'm still tempted to pitch a fit (or at least stop buying paid first on AA).

Thoughts?