Two pieces of good news for anyone who was planning on flying in business class to Europe any time soon:
The WSJ notes that business class fares to Europe from the US have dropped significantly this winter because of the huge amount of capacity available (the same reason it costs $300 round trip in coach). Travelers with a reasonable amount of money (ie, not me) can fly on Continental round trip to London in BusinessFirst for $1900. Delta has LAX-Paris round trips for $2000. The above fares require a 50-day advance purchase. Delta has also significantly lowered fares to South America.
Secondly, British Airways just launched a promotion where anyone flying business or first class to Europe from the US will receive a minimum of 50,000 miles per round trip. Check out the link for details.