MS might be better damage and threat.
Damage-wise I'm not too sure. On thrash MS obviously wins. On bosses PG might win, but then again I never really checked what part of my damage came from Lacerate. Maul hits like a frickin truck, so I'd think MS wins.
Threat-wise, I'm pretty sure MS wins. 4% overall more threat (or even more if some skills have a threat:damage ratio better than 1:1) against crits on Lacerate bleeding damage, which is the lesser part of Lacerate threat (1:5 ratio or so), is better without a doubt.
Now while I'm sure MS is better, it does cost frickin 5 points while PG is only 1, so it's a good deal.
Edit: Self-contradictions FTW
Edited, Apr 15th 2009 2:10pm by Selverein