I don't think the terms of a refund have got worse - they have got better.
If the flight is cancelled, you get a refund - no change.
If the flight isn't cancelled and you don't want to travel, you get a voucher (dates permitting) - new change.
Before a flight you wanted to cancel by choice would result in significant loss. I'm not a BA cheer leader, I hate the fact they made a refund harder, but I don't think your comment is fair...