Everyone's experiences are different and I am sure you will get varying reviews - that being said - here is mine!
I can't compare lunches as I have not done either of the lunches, but DD and I have done the breakfasts at CRT (just this morning) and PSB back in January. I enjoyed CRT more than I did PSB - it seemed less noisy (we had 8:55ADR) and I felt the tables were less cramped.
Our server at CRT was very friendly and courteous, were as at PBS - not so much (in her defense it was 10:45am, and I am sure I would have been more than cranky if I had to do her job for a few hours!)
The food was good - plated at CRT vs family style at PSB - but I enjoyed it at both. DD loves bacon and scrambled eggs, so she was happy at both!
I felt eating in the castle - we had a window seat so I could see parts of Fantasyland - just felt more special. My DD9 is not "ga ga" over Princesses, but does enjoy any of the character meals - so it was not a special - get dressed up in your Princess dress kind of meal for us.... we enjoyed our food, met the characters, and were out of there in about 40 minutes. I felt much more relaxed after that meal than at PSB.
The character interaction was about the same as each, but again with it not seeming to be as cramped at CRT, it just seemed much more relaxed, and there was a bit more converstation. (That too could have had to do with the noise level, as I have a paralyzed vocal cord, and it is difficult for me to project my voice over too much background noise).
We received the picture included in the CRT package, DD got a wand and a flashing "wishing star". At PSB, the picture package was additional (at $30ish).
We saw two of the same princesses at CRT as we had seen at PSB.
All in all we give CRT

and PSB

!
amahdi said:
This is our first trip to Disney World (daughter is 4 and son is 2.5). We are mainly going for our daughter - she is very much into the princess', etc. I had a few questions and woudl really appreciate your help.
We have reservations for both - the CRT (lunch) at MK and Princess StoryBook (lunch) at Epcot. Two questions:
1) Do we need to goto both - is it ok if we goto one of the lunches or is it worth goign to both?
2) If you had to choose one - which one would you goto?
3) For the Princess StoryBook we have reservations at 2:45 pm. Is that too late? Are there still many characters that remain there at that time?
Your help would be greatly apprceiated.
Thank you in advance.