I've tried both . . . the PH-3 has a lot of different settings (many of which are completely unusable for what I want) and requires a little more work to get the right sounds out of. The PH-2 is easier to get a good sound out of, but you have less options. I wouldn't say that one is really better than the other . . . it's just a question of how much you want in the way of options and how much you like to play around with settings.
EDIT - I can get the PH-3 to sound almost exactly the same as the settings on the PH-2, but like I said . . . it's a matter of time spent ****ing around with it.