Yep, I couldn't agree more, get rid of it, it's elitist & the accommodation could be much better utilized by the increased number of standard class ticket holders, that's particularly on journeys of around 60-75'.
For journeys over that 80-120' then fair enough.
The trouble is it's a lucrative business, I'm mean to say if you were to travel in 1st class from (You need to sit down for these!

hock

:
Note: That these are for individual day tickets & annual season ticket holders get discounts!
Portsmouth Line.
Guildford - Waterloo (Rtn) inc. Zones 1-6 = £51,80
Godalming - Waterloo (Rtn) inc. Zones 1-6 = £57,60
Haslemere - Waterloo (Rtn) inc. Zones 1-6 = £71,00
Petersfield - Waterloo (Rtn) inc. Zones 1-6 = £86,10
Havant - Waterloo (Rtn) inc. Zones 1-6 = £100,30
Portsmouth Stns (Inc Fareham) - Waterloo (Rtn) inc. Zones 1-6 = £110,70
Weymouth, Bournemouth & Southampton Line.
Basingstoke - Waterloo (Rtn) inc. Zones 1-6 = £67,00
Winchester - Waterloo (Rtn) inc. Zones 1-6 = £110,20
Southampton - Waterloo (Rtn) inc. Zones 1-6 = £127,90
Brockenhurst - Waterloo (Rtn) inc. Zones 1-6 = £139,30
Bournemouth - Waterloo (Rtn) inc. Zones 1-6 = £160,10
Poole - Waterloo (Rtn) inc. Zones 1-6 = £165,30
Dorchester - Waterloo (Rtn) inc. Zones 1-6 = £174,60
Weymouth - Waterloo (Rtn) inc. Zones 1-6 = £182,70
It should be noted that a lot of 1st Class accommodation is full by either Winchester/Haslemere, let alone Guildford & Woking.
But when you see the exorbitant prices they charge, it's not surprising that they want to keep it for the amount of money it brings in. I think it just goes to prove that the city bods are overpaid.