No, the premium economy is nothing like the old first class seats. They are not as padded, not as wide and doesn't recline much. Each airline has different types of premium economy seats so you need to do your homework.
If you cannot sleep without reclining, like me, don't even attempt it. On the newer seats on some airlines, reclining seats have the seats moving forward, and the backs hardly move back so you are still sitting straight.
I don't fly to get better airline food or drinks, I want a comfortable seat so I do business class.