I've been to both & both were really good. The experiences are completely different though.
The Hale Koa is a traditional Luau with entertainment, drinks & ono (delicious) food. It's relatively cheaper than the other, bigger luau's & is has fewer ppl in attendence for each seating. I would rec it over Germaine's, Paradise Cove & Chief's.
The PCC is (can be) an all day excursion. The PCC itself is a museum/park of sorts that you can easily spend all day at. The "Luau" portion is okay, but it is not the 'traditional' Luau you would expect. The food is delish & there is entertainment while you eat. To round out the "package" after dinner there is the "Ha: Breath of Life" show, which I can't praise enough; it is outstanding.
It really depends on what type of experience you want.