As a college student you should easily be able to figure this out for yourself. In fact, I'll bet you did even before posting the query here.

You fly first class vs. coach for the same reasons you buy a 5000 sq ft home vs a 1400 townhouse; a Jaguar vs. Honda; eat at Baja Fresh vs. Gary Danko or buy a Faconable shirt instead of a generic brand.
Partly more space, better service, feeling of luxury and exclusivity.

Now, the real issue is that some people confuse all these things (the home, the car, the first class) with happiness. Happiness comes from relationships, from people, from doing the right thing, from giving yourself to others, from serving people (not necessarily in a religious way). All the rest just is comfort and convenience but real happiness comes from inside.
I like to fly first class, I like expensive hotels, cars and clothes but my happiest times are not in relation to the amount of money I spent nor the luxury around me. My happiest moments are always related to being around the people I love, from doing the right thing, from serving the people around me.
Sorry about this rant. My 2 cents.

Pretty safe bet you've never flown CX or SQ long haul F.

Domestic F in the US is merely a more comfortable seat, a few drinks and sometimes a edible meal or two.

Long haul F is another matter. Usually it involves a lie flat seat and a couple pretty good meals. It is comfortable. And sometimes it comes with short check in and security lines and access to nice lounges when waiting for your flight. If you are transiting between two flights of 8+ hours, it's quite nice to be able to take a shower and relax in a nice lounge between flights.

I do fly F domestically on almost every flight (status upgrades) and try to fly F long haul on miles and/or upgrades. I would never spend my own money for an F ticket (I'm well off, but not rich enough to justify the expense). If I were rich enough that the cost of an F ticket didn't matter, I would fly paid F. Then again, I would like to have enough money to afford a private jet as well.

This post isn't intended to provoke anything more than thought.

I don't like first class or business class, despite the fact that (1) I'm 1.94M tall (about 6 feet and 4 inches, I think), and (2) I flew almost 350,000 miles last year.

Why?
First and foremost, in all my travel relationships, I want to be left alone. Your offer of another glass of orange juice is very kind, but if I REALLY need something, I'll ask.

I work for non-profits. While I could upgrade at little or no cost (e.g., using points), it's not a good image for my company.

I don't drink.

I'm a strict vegetarian, so most better-class food isn't of much value. (I also have no taste buds...a result of 35 years as a vegetarian. )

People in first class are no more interesting to me than people in coach. (make of that what you will.)

I find that glorified coach (e.g., United's Economy Plus) suits me fine.

I probably refuse ten spontaneous, no-cost upgrades a year. I'd rather they accrue to someone who places a positive value on them.

I fly nonrev, so I hope like hell that the F cabin isn't full and I fly first or business for free. Theres almost always space when you need it most, on lon transoceanic flights. Domestically I don't get it all the time, but I don't think its that good in the states.
Would I ever pay that much for it? No way, my money is worth more than that.

Personally, to me its not because first or business class is that good. It is because coach is just that damn uncomfortable.

Urmm, what exactly do you do tha make you think you are actually increasing the value of the company?

Because it�s the best earning from a FFP. I only had one paid F flight, all others are upgraded or booked as an F award.

Hi

I guess if you can afford it...why not fly first class :-) It is true that you don't get to your destination any faster but you fly in a more comfortable way, better food and selection on board the flight, you get access to airport lounges etc etc. As I don't have unlimited amount of money I also fly economy but the few times I have flown business and first it has been a great treat

Spot on Bingo! I put on 200K+ per year (5 years running now) and truly, while I enjoy the thrill of the flights and the energy of the work I do, it would be impossible without the F/C flights and 4/5* hotels when I am overseas. Domestic it is less important except on flights to the east coast (based in DEN and PDX) and I generally stay with Hampton, Homewood, Four Points, etc. Some think the travel is always so exotic (China, Thailand, Japan, Korea, Hong Kong, Vietnam, France, Italy, Switzerland, Russia, and on and on.), but hotels and airplanes are about the same everywhere and the attention and recognition from the FAs and hotel staff become important when you spend so much time away from family and friends.

All the other details mentioned by others clearly contribute to the value of F/C, but the bottom line is productivity and ability to get things done wihtout freaking out!!

Good observation about the miles for upgrades. Personally, I very, very rarely use miles for a free flight. Waste of miles. The best deal going, even with the constant devaluation by the FF plans, is aq cheap international fare upgraded using miles!!

Do note that LH, FRA-OSL, J is a Y seat with empty middles plus a meal and drinks. Glamorous, it ain't.

Ditto to most other's comments and responses. Domestically (NA), free* upgrades appear magically. Internationally, they come by instrument or buy-up.

Most prominent to me personally are:

• the ability to work -- inflight work product typically results in a more than favorable ROI
• the ability to relax -- being able to hit the ground running (business or pleasure) is almost always a good value proposition.
• No harried boarding--I board at my leisure w/o fear of no OHB storage
• First off means less waiting at customs, immigration, car stand, connection shuttle, etc.
• Expedited security lanes

You'll notice that the most of these things are about time and saving or, perhaps more accurately, not wasting it. The adage regarding time and money is true and I'll go further to say that time is more valuable than money--with time, I'd argue most folks that frequent this forum, can almost always make more money, the inverse is not necessarily true.

*Free in the sense that there is no POS out of pocket expense. The intangible costs associated with attaining status, discussed ad nauseum in other forms and topics, is certainly not free.