I think they provide a fairly robust product for the London market. They're facing pressure from competitors and the benefits of flying BA aren't as clear cut as before. In years gone by I didn't mind paying that little by extra knowing I could select a seat in advance, put my bag in the hold and get a meal or snack.
Nowadays the free seat selection is just 24 hours before departure and the choice is limited (paying to select a seat is quite expensive), it costs more to put a bag in the hold and the meal/snack is now a packet of savoury snacks and a drink. The new A320 cabin looks good, but the reality is you're squeezed in like a LCC.
I also find the cabin crew very inconsistent. Some are lovely and will do anything for you but some of them seem to take pleasure from treating the pax like dirt.
I live in the regions and fly them to London. Connections onward to mainland Europe are not feasible due to their prices. They were exactly double the cost of my upcoming flight to Berlin with AFKLM. There's no way that they are worth paying that much extra for.
I've never flown them long haul but westbound the new American and Delta have really upped their game lately (United is still, well, United!) and to the east. the MEB3 have good products and prices. I do wonder where this leaves BA.