Tom,
I hate to be a contrarian on this one, because I do think that PB is the better course.
But just like you can't scribble out the ocean from Pebble, by the same token the negatives must be factored in when comparing them. The expensive green fees, the tourists, the slow rounds, the soggy conditions, etc, are all very much realities when one considers a round there and as such must be factored in.
I guess if PB went private and one could then play 4 hours rounds, and not have tourists everywhere, and the conditions were improved, I think then at that point that arguement could be made.