I’m flying back to T5 from Bangalore tomorrow morning. I’m only on BA Blue - my Sydney and Taipei flights were Quantas or Virgin and points long since spent- but my colleague is silver and got me in the lounge at T5 as a guest. We got the last table and stayed about 20 minutes. I was offered an upgrade to Premium Economy for £200 of my own money on the BA app for the return. It’s a day flight and having seen PE on the way out there’s no way I’d upgrade out of my own money. Seemed barely different to Economy.
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Does depend on the plane a bit - for Bangalore they seem to use one of the old/decrepit 777s most of the time, so probably not as good as it could be. There is definitely more leg room in PE, and the seats recline better and have a footrest so it is more comfortable. Biggest plus though is probably the smaller/quieter cabin though, avoiding the economy zoo as @HT says. If you know there is space in PE, it's worth asking the cabin crew if there is an upgrade available (paid) - they might offer you a better deal, and just occasionally they'll move you without having to pay because they can't be arsed with the paperwork.