I wasn't flying first class 50 years ago, but everything I can see now leads me to believe that this isn't even slightly true. There might be a high def flatscreen in front of me in first class today, but I'm not getting more attention than someone would've gotten back then, I'm not in a less crowded airport while I'm boarding, and the security mess is more demeaning than ever.
The only reason that people aren't rioting for all the changes is that no one even remembers how good it used to be.