Keeping it short and only having done one flight, I found it as good as flying economy on the big airlines. We showed up at checkin with our passport, no preprinted pass, and had our boarding ticket in hand in minutes. I don't think our carry-ons were even eye-balled, certainly not measured (don't push it though, the overheads don't have much more room than what is the specified size). Checkin starts 3 hours before the flight and ends 1 hour before. I read that you even had to pay for water but we got a free dinner and breakfast that was pretty good.
Seat backs do recline. I can't tell you about legroom because I arranged to sit facing the bulkhead and that has extra space (at the expense of collaspable armrest tray tables). I'm average height and was *almost* able to stretch out. Seating was 2-4-2 across the width. I think there is a website out in the www that shows configurations for various airlines' flights.
I was pleasantly surprised with everything on my flight. Going home (yep, I'm in Spain and just a few days away from starting camino #2) I will try out one of the seats in the other rows, but not for long.
Edit: We are considering a trip to Argentina next year and Level flys between Barcelona and Buenos Aires. The combined fares, including Boston, may be lower than other fares. We may throw in another trip to Spain.