BA's lowest fares appear to be cheaper than the tiny fares and:

-For a morning flight you get a hot breakfast (okay, not as good as the late great BMI Panini but very passable and saved me needing to bother getting breakfast when getting to my destination on a couple of occasions)
-You get drinks
-You get miles (not many miles but BA's stingy miles policy starts to look rather generous compared to BMI)
-You don't get the tiny "terms and conditions" associated with BMI's lower fares
-If you're a BA silver or Gold, you get lounge access.
-Edited to add: Oh, and did I mention that BA's lounges are better?

Hmmm, someone's product is starting to look a little uncompetitive.

Have I missed anything?