It's very difficult to make a call on this given the lack of detail. For example, if you had to wait a few minutes longer for your meal, or for the bed to be made up, then it's not much of a devaluation on the First concept in my view. If there were huge waits between service, it took a long time between drink refills, you had to make up the bed yourself, then that plainly isn't the First service you would have expected. I guess the acid test is would you have paid or redeemed into First had you known you would have got that level of service, or not?
The point I often make about this situation is that there are two sides that decide what is appropriate to fixing customer service issues: BA and the customer. If BA doesn't offer the appropriate remedy - sometimes it does, sometimes it doesn't - you, as the customer remain free to set you own remedy and then use the several channels open to you to pursue it.