Mark, I've been fortunate to stay and play both MP and PN several times. I would certainly stay at MP -- I love the old hotel, and I believe it's been through a fairly recent update. I agree the food isn't much to write home about. The last time I was there we had a group of 8, all staying on property. We made mid-week dinner reservations in the main dining room at MP for 7 pm. We arrived and one of our group hadn't brought a jacket (required for dinner). Of course, they found one for him and we were all seated. We were the only people in the entire dining room! (I do prefer the bar at PN however.)
If you're going in a group MP also has a row of "cottages" next to the 4th green. While they're not much to look at, they are large, have a great deck and work very well for groups. Also, our midnight putting challenge on the 5th green was very fun!
As for the golf, I'm one of the few who actually prefers MP. The course has a wonderful, been there forever feel. I suspect mid-handicappers like me (index 10.5) may find MP more enjoyable. When I play PN I always think of it as a "championship layout," which really just means longer. Both are fabulous, and I'd split my tee times 2/2. Have fun!