I would take Business on AA or UA ahead of VS premium economy by a LANDSLIDE, and I can't imagine anyone who knows the score would disagree. I don't think they're equivalent at all.... premium economy is just that: a better economy seat and experience than normal economy... but that is ALL. the very worst international business class is far better, IMHO... (but then again, it's much more expensive, as you would imagine....)

Don't get me wrong: it's a nice bump from regular economy, but by no means is it Bus Class by any stretch of the imagination...