Now having flown two segments on FI in Saga Class, BOS-KEF on a 767 and KEF-CPH on a 757, here are some of my thoughts on IcelandAir in Saga Business Class, both transatlantic and intra-Europe (obviously having read previous trip reports, so I had some sense what to expect):

1) Seats -- Everyone knows they barely recline but I also don't find them particularly comfortable, ergonomic, etc.

2) Food -- so far, I've had a choice of a cold sausage/cheese plate vs a hot fish dish and a cold smoked fish plate vs a hot fish dish. Both times, I selected the non-hot fish item. For me, both were bad, not just not good. Minimal at best. On my flight over, I was so hungry after my meal that the FA nabbed me a bag of three sliders from coach (normally EUR 10 for three of tiniest, but adequately tasty and better than anything I was served in Saga. Surprisingly, the rolls are only OK and served as if they were caviar (sparingly). The desert is fine, a small half slice of cheese cake or something comparable. I was expecting better / more from the trip reports I have read/seen.

3) Drinks: nothing is particularly good (champagne is OK), wine is poor, and there's just not a particularly good or premium selection of spirits, highlighted by the ever uninspiring JW Black.

4) Service: On the BOS-KEF flight, while most PAX were sleeping, the FAs basically hid out in the front galley areas with the curtains drawn after the food service. They didn't periodically or proactively ever walk the cabin looking for anything (like ,if you are drinking wine, you might want a refill, which was my case). They are professional and perfunctory. As I said above, the head FA did get me a free bag of sliders from coach (with an attitude, but she still delivered). They answered my calls promptly, but they weren't making much of an effort to be particularly attentive, and I wish I didn't have to call every time. On my intra-European flight, the primary Saga FA was very friendly.

5) Saga Lounge: I am not sure I was in the new lounge or the old lounge. It's attractive but somewhat uncomfortable. For example: there are no sofa's larger than a love seat (and few of those), so it's impossible to lie down and sleep (not true in the airport waiting areas). Also, there are no showers. We had 6+ hours to wait due to an early morning missed connection, after having flown all night. Everyone was exhausted. Showers would have been very appreciated. Generally speaking, the experience was painful. Food and drinks are OK, nothing exciting. Somewhat heavy fired options (coconut shrimp was one option, for example). Wifi is good in lounge.

6) Limited # of departures/flights out of KEf to ANYWHERE at certain times: IcelandAir has a very simple system where they try to have all their flights arrive into KEF in the wee hours of the morning and all their planes then continue on to a connecting city in Europe. The last flight out to ANYWHERE on this airline in the morning occurs at 8am to CPH. After that, the place typically becomes deserted, unless there's a delayed trans-Atlantic arrival, like out flight, until the ex-KEF intra-European planes get to their destinations and return back KEF, generally 6+ hours later. IcelandAir's next flight out to ANYWHERE after the 8am flight from KEF to CPH is the 2:15pm flight from KEF to CPH. It's a little eerie being in a country's home airport which so dead with zero host county airline activity for 6+ core daytime hours (8:00-14:15).

7) Nowhere to go if you are stuck for 6 hours: only options would be the Blue Lagoon (which would have been great), but it's usually booked full days to weeks in advance or ride into town (one hour) and walk around 2 hours, and then come back. There are zero, zip attractive practical/doable tourist options otherwise in this allotted time (allowing for about an hour to arrive, get your revised connection assignment, and consider / evaluate options).

8) No pre departure beverages (not even sparkling water or any juices), except for tiny glasses of cheap/warm sparkling wine (Prosecco or Cava?), or warm bottles of still water. The airline is too cheap to open up the drink carts and serve ANY beverages, even in in the case of an extended gate hold/flight delay of 1+ hours.

9) No way to upgrade at airport or on board.

10) Limited FF partners to credit flights to.

Things I like:

1) In flight, in seat on demand AV: decent screen (could be better, good selections).

2) In flight free WiFi for Saga (EUR 7-13 value per segment, depending on flight).

3) Ability to arrive at ticket counter and check bags up to 45 minutes before departure.

4) Low base prices for round trip trans-Atlantic tickets, including free European stopovers.

5) Low cost to bid to upgrade program to Saga Business Class ($200-300), assuming there are seats available, but obv given the above, you get what you pay for.

6) Highly efficient KEF Service Center (airside) which was stuffed by at least 6+ people plus a senior supervisor (three stripes w extensive unilateral authority) who had already re-routed every disrupted passenger and had their boarding passes ready prior to arrival, so the long line of disrupted PAX moved within minutes. I have never seen such a well run and efficient and professional/courteous ground staff service center handle so many disrupted passengers so quickly and efficiently.

7) Interesting selection of fruit flavored liqueurs in the Saga Lounge.

8) Trans-Atlantic amenity bag: I can probably use this for something. Soft sided, versatile.

I realize others have their opinions. These are mine. I am not trying to compare this to Singapore Airlines or expecting even anything close to American Airlines' international business class (grr -- a laughing stock in its own right), but even AA domestic first class for 3-6 hour flights is better than this. However, I would still rather pay $200-300 for Saga Class than sit in Sardine Class, although I'd spend more for a better product.