Is it worth buying a premium tank

EDIT: I quickly found this site after finishing this post; it contains averaged data for a large number of tanks across some 940,000 battles, including WN7 and PA Efficiency stats.

The various rating systems out there (WN7 is the one I prefer, and is the one Radium mentioned) can in fact be used. While Xenox accurately pointed out that such equations compare players to other players, data subsets could be substituted for full player stats to give ratings for that player in a given tank. (See footnote.) Averaging such data across a large number of players ought to give a moderately accurate metric by which tanks could be compared - a better tank would, on average, yield higher WN7 scores.

Unfortunately this would be by no means a perfect system - tank popularity could skew data, and it is difficult to account for player skill or tank crew levels - but it ought to give a decent impression. An additional difficulty lies in acquiring this data from a user level - there are a few tools that enhance the official statistics pages, but to my knowledge acquiring such data for individual tanks can only be done in-game, and the in-game service record lacks important data used in WN7 calculations.

As an example, I used the WN7 formula to score my BDR G1 B Tier V Heavy tank, and received a score of ~1400. I had to fudge a couple numbers (I couldn't find spot or defense point scores specific to my BDR tank) and there are likely rounding errors, but it can be done. With a little encouragement, the WoT community may even be convinced to write a tool to acquire and compile the relevant information and produce scores for specific tanks! I would be interested to browse such a tool myself...

Footnote: Minor modifications to the formula may need to be made to account for smaller numbers, particularly in the Number of Battles Played - alternatively, that segment could be left out entirely. It didn't come up during my calculations; using only stats from Tier V or higher tanks, the term will always result in 0. Comparing lower-tier tanks may be difficult and the term would likely need to account for some full-player data to avoid skew from experienced players going sealclubbing... but I'll leave such discussion to a larger and more math-experienced crowd.

The formula for calculating the effective armor rating in world of tanks is:

Armor tickness/cos(impact angle)

With an Angle of > 70% always leading to a ricochet, this leads to this table:

Impact Angle    Effective Armour Thickness
    0°                 100%
   10°                 101.54%
   20°                 106.42%
   30°                 115.47%
   40°                 130.54%
   50°                 155.57%
   60°                 200%
   70°                 292.38%
  > 70°                Ricochet

(source: world of tanks effective armor rating)

Which angle to chose depends a lot on the tank you're driving and how it is armored. But in general, having at least a slight angel towards your opponent is a good idea.

For example, if you're driving a tank with 100mm front armor and 80mm side armor, a 45% angle on both front armor would give you an effective front armor of 141mm and effective side armor of 113mm. In this example having the opponent hit your side at an angle would still give a lower chance of penetration than hitting the front armor at a straight angle.

However if the situation is the same, but the tank you're driving only has 60mm side armor this means the effective rating of the side armor would be 85mm, which means you're giving your opponent an opportunity at an easier penetration, in this case it would be still good to present yourself at an angle, but less than 45%. (a 30% angle in this case would give you 115mm front armor and 120mm side armor)