The Gibson Classic is exactly the same spec as a Gibson standard. Apart from it is only available with the slim taper neck and higher output pick ups. It is run to the same standard and same wood as the Std's. It is cheaper purely due to the lower amount of options, the classic is only available with the slim neck and fewer colours depending on the year, as opposed to a choice of necks etc. with the standard. It is in no way of lesser quality. (This is confirmed by a Gibson representative on the Gibson forum for those still unsure)
What I said. I hope you didn't think I said the classic was lower quality. I didn't mean that.