We've just returned from our first PE "experience" PER-LAX return - we also debated whether it was worth the cost but decided to give it a try.
To give some background, neither OH or I enjoy flying AT ALL, it's simply a necessary evil to get from A to B and unless we win Lotto (we pay for all our own travel), there's no way we can afford to pay to fly J or F in this lifetime!! So that means always being stuck back in cattle class, and after some horrendous flights with Emirates a couple of years ago between Perth and Dubai as part of a Europe trip), when we were were looking at our first trip to the US we decided to try ANYTHING that would make the flights more tolerable, especially as we both suffer from motion sickness (thank goodness for Stemetil - I still can't read on flights though, even if I take meds). Previously have never had any status with any airline (not enough flights), but have just hit Velocity Silver with this trip.
We booked PE with V and had 737-800 flights between PER-BNE and SYD-PER. We were seated in the new business class seats (Row 1 outbound, Row 2 inbound). Service on both flights was fantastic, the crew simply couldn't do enough for us. Also had Lounge access in Perth and Sydney (an absolutely lifesaver on the return trip as I wasn't well, and we had a 6-hour wait in Sydney). When we booked, VA's website stated that if you booked PE on an international flight, you would be seated in PE (where possible) on domestic DJ flights. I'm assuming this will change for future domestic flights now that PE is being replaced by business class on all flights between Perth and the East Coast. Will be interested to see what happens there.
BNE-LAX and LAX-SYD were both of course on the VA 777 - PE cabin was only about half full on both legs (19 pax on the way out, 16 on the way back), so plenty of opportunity to move around and spread out around the cabin a bit - seats were wider, legroom was much better, so was the recline (although neither of us can ever sleep on a plane anyway) and we found the cabin much quieter than economy (noise cancelling headsets also a bonus), so overall a much better comfort level. Also two toilets just for our cabin, so never had to queue!! Service was much better than economy, called by name by cabin staff and they took our preferences prior to the meal service to make sure we could get our first choice. No international lounge access at BNE or LAX (no status), although it looks like this may change, according to the Virgin website - it appears PE pax will get a one-off invitation for lounge access on the day of departure. It would have been great to have this when we travelled, as we had considerable wait times in both airports. We ended up buying day passes to the Alaska Airlines Boardroom in LAX T3 - $45 each, so on the $$$ side, especially as I don't drink alcohol and OH hardly ever does, but at least it was somewhere quiet out of the T3 "zoo", and we were able to get cups of tea/coffee and a few snacks, although the food selection was very limited, and had somewhere to stretch out and relax a bit.
So overall, was PE worth it? In our opinion, YES, absolutely, although I do have to state we got these flights as a sale fare (there's no way we would/could pay full PE fares for long-haul flights as we're simply not in a financial position to do so) and if we could get similar sale fares, we would have no hesitation whatsoever in flying PE with Virgin again - whilst I still couldn't call the flights enjoyable LOL, it certainly made them much more tolerable, service and lounge access for the domestic flights (for those of us not used to these sorts of "perks") made a huge difference, as did the better level of room, comfort and service on the international legs. There was also the added bonus of being able to get off the plane much more quickly and get ahead of the crowd for customs, immigration etc. For us, all of this made the extra cost more than worth it and it has also given us the opportunity to start racking up some extra points & SCs that might actually count for something if we can squeeze in some more travel in the not too distant future!