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Most MNK I know have Verethragna rather than Spharai, but I don't really have any personal experience as to which is best.
Lot depends on playstyle too; Spharai can shine more if you're actually able to counterstance-tank stuff. On the other hand, if you're regularly with other melee that keep hate off the MNK, it loses some of its value.
Personally I think Spharai has greater potential that is also more easily achieved, it's much easier to get it to its lv99 form than it is for Vere, and the DMG+ rating improvement is significant. Vere is also on riftcinders instead of riftdross, which (at least on my server, likely others too) greatly bumps up its "to 99" cost.