The PPP is not without flaws for these uses; compare the average standard of life in China or India to the average standard of life in the Netherlands or Canada, and compare their PPP rankings.
If you're looking to compare quality of life, while not perfect, I would imagine the Human Development Index would be closer in line with average experience: http://en.wikipedia.org/wiki/Human_Development_Index
If you're looking to compare quality of life, while not perfect, I would imagine the Human Development Index would be closer in line with average experience: http://en.wikipedia.org/wiki/Human_Development_Index