Nothing but extra perks here...
I have only been a member for less than a year but in my 3 travels with LL bookings, I have come across the following extra special treatment:
Alchymist Nosticova in Prague
Airport transfer included in package - when they heard it was my golden bday they sent a 1962 Rolls Royce (pictured in my profile) to pick us up! More than 120 Euro difference than the regular cars used. (they outsource)
Villa Le Maschere - Barberino di Mugello, Florence, Italy
Junior Suite included in package - upgraded to a suite in the Prestige Collection that Pope IX had stayed in on one of his visits, a long, long time ago...
La Bonne Etape, Chateau Arnoux, France
Superior guestroom included in package - upgraded to a beautiful, spacious suite.
So my answer would be....NO! I have never received 2nd class treatment when traveling on an LL booking.
Admit Reid's Palace tweet - 09/09/2012
omegaet, good evening, a Mercedes will await your arrival in Funchal Airport