I have not stayed at enough Peninsula or MO hotels to give any definitive opinions except to say that based upon stays at the Pen BKK, Beverly Hills, and Chicago I like Peninsula more than MO. I have only stayed at the MO SIN and BKK with BKK being a resounding disappointment.
I have found the Dorchester Group Hotels (Dorchester and Plaza Athenee) to be even worse -- my stays at both hotels were also huge disappointments.