I think the general consensus is that, given Club is so good, that the difference between it and First is not so great, expecially given the extra cost/miles that you need.
To sum up the main differences, in First you get:
- bigger bed (6" longer and slightly wider)
- better quality food and wine (and you can eat whenever you like)
- access to Concorde room if departing T4
- nicer, quieter cabin (especially on 744)
- duvets and pyjamas rather than dodgy woolen blanket
- toilet with a window
- personal video library
- blue mood lighting in the cabin (OK, OK starting to stretch it now!)