It's not business class. It's a fare structure which might be better suited to people travelling on business, not the same thing at all.
I can't comment on how others might view this, but I have shunned RyanAir up to now for many reasons, and this does nothing to increase the likelihood that I will travel on them in the future.
They might be cheaper than competitors, I am not convinced of that, but even if their 'business' fares are cheaper than their rivals, there is no way I would use them. Ever. I will be interested to see how this works out though.