It is 100x better than economy. But it is not comparable to business, however the price is no-where close to business, therefore it is a pretty good deal. The seat is very superior to any economy seat. The fixed shell is a great plus and it definitely feels very spacious. The only backdraw is the poor recline. The seat is not so comfortable for sleeping as it doesn’t recline, however there’s a lot of space underneath the seat in front so you can sleep with the leggrest extended and on your side with your head on the armrest, as weird as it might sound.
The service on the other hand is not as good as it should. Yes you get priority services and all that stuff, but once onboard there’s not much attention. They treat you as an economy passenger and the crew is not present during the flight. Another bad thing about Premium Economy is that it shares bathrooms, galley, etc. with economy.