We have attended PFTS for the last 5-6 years, and will be attending again this year. We have done PFTS with general admission (back in the old days that was all that was offered) as well as the Wine View Lounge. We love the ambiance of the event, and especially the opportunity to see the chefs preparing the food right in front of you. We did the S&D Causeway event 2 years ago and I was not very impressed. The food and drink offerings were just ok, and I do not remember any "named" chefs at any of the food stations. It was basically just publicity for the restaurants at the S&D. We may go again in the future, but if it is a choice of PFTS or Causeway, the PFTS wins for me hands-down.
The advantage of the Reserved seating is that you get a reserved table and early admission. The Wine View Lounge reservations usually get in first and they have a price fenced-off area with reserved tables. Then the Reserved reservations get access. Then the general access reservations are allowed in. The advantage of early access is that you can get to many of the food/wine stations before the masses of people come in. There are limited numbers of reservations for both WVL and reserved seating.