Took return flight between PUJ/BCN over New Year. Before booking special promotional Premium Economy fare on ‘sister’ Iberia website in July, I thoroughly checked all the conditions for my ticket...2 x 23kg baggage, seat selection at booking in front of plane 1st three rows, early boarding, amenity pack and food/drinks.
Sat in 1A (loads of legroom, only bulkhead in front) and 3A, still plenty of leg room. Food service was acceptable but not exceptional with wine included with dinner/lunch service (with metal cutlery!) ...choice of two dishes. This was basically the same as your regular AA/BA/Iberia transatlantic.
Not sure about other comments, but the price paid reflects the seat and services received. The regular transatlantic flights for this period were around double what you paid for on the big carriers. Level promotes itself on a variety of (2) seats and services.... you get what you pay for. Luckily I lucked out on this particular fare!
Before you buy your ticket, check all the conditions! If you want the ‘older’ form of service and cannot get Premium Economy then you need to weigh up the pros and cons...luggage, seat, food and drinks... otherwise the more traditional carriers might be more suitable.