I flew the LH product in May and was impressed, although it was on the 747-400 rather than on the 747-8.
The business class lounges at Frankfurt aren't great, I have to say. The Galleries Club and First are definitely better.
On board, I felt the hard product was better, however it is less private. If you're a solo traveller, then a window Club World seat with the divider up is definitely more private.
Food better than Club World, plus they have espresso available. Choice of three starters! Wine about on a par.
Service I thought was very good.
So overall I'd say it's about a wash, but I'd give the edge to LH from now on simply given all of the cuts at BA. I don't know what's next.