£70 per person, each way... not such a great deal on the face of it, but if it's £70 per person and then you have to consider seat selection (OK not included without status in Club but you're going to be much closer together in the smaller cabin, by definition) and baggage (particularly extra baggage if you need it) then it starts to get more attractive.

So...

Seat selection - £15
Baggage - £15
Lounge - £10 of snack and drink not consumed at the airport
Priority security - anywhere from £0 to priceless if you're running late
Empty middle seat - ?
Avios - £10 per person
Food/buy on board - £10 per person, maybe less from the lounge

So to replicate the Club experience (excluding the middle seat and fast track security) could cost £50 each way for a non-status person. Having it all bundled up is worth something, especially if you value the two I couldn't put a price on.

Add in the value of chasing TPs (I value them at £1 if I'm striving for a higher tier) then I'd say it's a good deal, but by no means the *right* deal.