The 'perks' of Premium are well laid out here -
https://flywith.virginatlantic.com/g...and-seats.html
For me it all depends on the price differential, which can vary considerably from a small premium to almost double the cost of an economy seat.
Yes, it is a much better flying experience, and is a very popular class; but until recently it was called 'Premium Economy' and it is exactly that - an enhanced economy product.
The seats are much bigger, but all armrests are fixed, and when the seat in front of you reclines, there isn't THAT much extra space. It is a long way from the Upper Experience. As with many things in life, it is a completely personal choice and there will be varying views as to whether the extra cost is worth it.
Nick