Did you do any research before you booked?
Looking at the Air France website (for AU) I get the following information about P/E*:
"The new Premium Voyageur cabin enables customers to move on from the comfort of the economy cabin to a dedicated private seat area in Premium Voyageur which is characterized by:
* 40% additional space
* a completely new seat equipped with a fixed shell which guarantees passengers´ space and privacy. The seat is 48 cm wide, with a 123° seat back recline.Wide leather arm rests (10cm); a seat pitch of 97cm and lots of legroom;
* a 10.4 inch (26cm) wide individual video screen;
* amenities from the Affaires (Business) cabin such as the travel kit, a bottle of water, noise-reducing headphones, a feather pillow and a pure new wool blanket;
* 2 Pieces of baggage - maximum 23kg baggage allowance per piece effective 01 April 2011"
Did your seat actually have "no recline", where were you flying from and to?
Ah well, value for money is always subjective, and it doesn't sound like your experience was really "the worst". Was this perhaps your first experience with an airline class other than first?
Expectations and experiences of seat comfort, meals, service will vary from customer to customer. Personally I'd probably take a P/E product over a standard Economy product any day, but I'm not that fussed about lounge access and I don't expect 5 star dining, nor do I expect the cabin crew to fawn over me.
I expect the airline to get me (and my luggage) safely from A to B (+/- via C). If I also get on-demand entertainment and something edible then I'm happy as a clam - after all, at that point - I'm on holiday!!! An average flight in economy is still better than a day at work :)
*this is from AU where the flights tend to be longer, possibly they have other P/E products on shorter trips.