We did the Med in August 2013 and Alaska in August 2012. It was our 1st time to AK but my 2nd time to Italy, having done a 14-nt Perillo tour when I first graduated college to compare it to. It was dh's first time to these countries & my parents first time to Europe.
They're such different experiences, but both impressive, one natural beauty and one cultural/architectural.
Since we took our 2 teen boys on both trips, there's no way we could now afford the Perillo trip (5k pp not incl airfare) so this was the best I could do for now.
With the land tour experience I had, I'd have to say that a Med cruise is not the ideal way to see Europe. People say the benefits of cruising is that you don't need to pack & unpack for each city which is true. We still had to for 2 nights in Barcelona (though not a full unpack) and again for the cruise. So this was 2x of unpacking/settling in. I haven't done a price analysis but length of trip/unpacking-wise we could have done a 10 day trip of:
-fly into Rome
-3 nights in Rome
-3 nights in Florence
-2 nights in Venice
-fly home from Venice
This would have only added 1 more round of unpacking but a LOT more sightseeing in Italy and at a more relaxed pace.
Sure we wouldn't have seen Barcelona or Villefranche but we would have a lot more than 9 hrs in Florence/Pisa of which ~2 hours was driving from/to the port. Everything we saw was so rushed; it was like getting 1 lick from a lollipop and having it taken away.

Instead of really spending time at each attraction, we'd have like 30-60 mins to walk around, get some pics, then move on. If I hadn't done the Perillo tour, I probably would feel differently.
Being able to see the cities at night is special too and something we couldn't do on the Med cruise. The sad thing is that ours was the 7-night cruise but the longer cruises don't give any more time in each port, just more ports to visit. It would be much better if they would overnight for both Florence & Rome and make it a 9-night cruise.
My family really enjoyed the sightseeing on both cruises but at the end of the Med cruise my ds, almost 17, said that though he loved the Med cruise, he still thinks the Alaskan cruise was better. He vows to someday spend a month in Florence to see all the things we missed.
