I don't think it matters to have wholehearted consensus about whether Premium Economy (PY) is worth it over Economy (E) in general, nor do airlines concern themselves beyond trying to get supply of PY seats to be optimally balanced to general consumer demand (as influenced by the price premium that individual airlines think will be absorbed).

I do think that Qantas have one of the leading PY hard and soft products out there, but that said I'd rather travel Business or First

I wouldn't ever buy full fare QF PY (although for businesses this may be a good choice) but it can have some attraction when it's on sale (and Business is overpriced). All up though, it just comes down to individual circumstances and priorities for each trip, which will differ from person to person. It's just there, and you can choose to upgrade to it or pay for it if you want, and if you don't then don't.