Narrowband-IoT (NB-IoT) is part of a novel group of access technologies referred to as Low-Power Wide Area Networks (LPWANs), which provide energy-efficient and long-range network access to IoT devices. Although NB-IoT Release 13 has been deployed by Mobile Network Operators (MNO), detailed Quality of Service (QoS) evaluations in public networks are still rare. In this paper, systematic physical layer measurements are conducted, and the application layer performance is verified. Special consideration is given to the influence of the radio parameters on the application layer QoS. Additionally, NB-IoT is discussed in the context of typical smart metering use cases. The results indicate that NB-IoT meets most theoretical Third Generation Partnership Project (3GPP) design goals in a commercial deployment. NB-IoT provides a wide coverage by using signal repetitions, which improve the receiver sensitivity, but simultaneously increase the system latency. The maximum data rates are consistent over a wide range of coverage situations. Overall, NB-IoT is a reliable and flexible LPWAN technology for sensor applications even under challenging radio conditions. Four smart metering transmission categories are analyzed, and NB-IoT is verified to be appropriate for applications that are not latency sensitive.