I think the OP's comparison is quite fair, however it is often reiterated on here that CE is rarely good value for money and is only worth it if booked:
a) Part of a longhaul fare (ex-EU etc)
b) With Avios
c) A good sale, and maybe part-pay with Avios

It's certainly not a luxurious way to travel, but I think they've realised that they can get away with providing a more basic Club offering and that then allows the aircraft to be much more flexible and cost-effective.