If you have ever dropped a letter or postcard into a mailbox, chances are it was sent first class. It's widely considered the most cost effective and speedy option for letters, larger envelopes and postcards and even flatpack parcels. The USPS sets postal standards that limit the maximum size of any piece to 13 ounces to qualify as first class mail. It also offers add on services like certified and return receipt.
Compared to standard (aka marketing) mail, first class is delivered quicker both locally and nationally. It can reach it's destination in 2-3 days locally and 3-5 days nationally depending on the proximity to the mailing origin. A big bonus of sending mail first class is that if it's delivered to an undeliverable address the USPS will forward or return it automatically at no extra charge. This can be a huge savings for businesses who regularly do mass mailings.
A big downside of first class is that it is more expensive than other options. USPS rates are based on both weight and size, so it can get expensive for large pieces. This is especially true for international mail.
First class mail that is presorted can save up to 20% on postage. By having your mail sorted and bundled by service type, size and ZIP Code, the USPS can deliver it faster and cheaper. It's worth considering if you are expecting a lot of time sensitive mail in 2021 and beyond.