Ben:
Which Princeville? The original 27 is beautiful '70s resort course, with the obligatory ocean Par-3, but it's not close to Mauna Kea.
If you mean The Prince, there can be an argument. The difference between Mauna Kea and The Prince, in my opinion, is that although The Prince has some of the most arresting holes anywhere in golf (6,7,12,13,15 all come to mind), there are some real clunkers (2 - horrible layup tee shot, forced carry 2nd shot, mundane short 3rd, bad fairway bunkering on 4, bad green on 17). Moreover, the course feels like it's one long cart path, the flow of the course is never established because you are hopscotching around.
Mauna Kea, on the other hand, is the one course in Hawaii where when you drive in you feel like you're at a golf club, instead of a resort, and every hole is solid, championship quality golf, even if you don't agree with all of the design decisions. I don't think there's a bad or mediocre hole on the property, and several world-class ones (3, 11, and the unheralded par-5 17th).
Mauna Kea will be replaced as the best course in Hawaii, though, this year when Hokuli'a opens (south of the airport on the Big Island). Designed by Nicklaus, it has more strategy (wide fairways with multiple options), interesting green complexes (greens range from 3000 s.f. to 12,000 s.f.(!) with endless short game options) than anything I can remember him doing, all with unbelievable ocean vistas on every hole.