The HRH has gone up in price lately because of the short walk to the parks. It's become more popular as the "hip" hotel.
The PBH is beautiful, has bigger rooms, and the pool also has a slide. The PBH used to be the more expensive hotel until last year, when things reversed. Now many here on the forums are picking the PBH due to the larger room size. The walk to the parks is farther (13 minutes as opposed to 5), but it's really not a big deal. You can walk over in the morning, then take the boat back in the afternoon.