Answering the question in the title, it depends on what you want. Both cards offer no foreign transaction fees. The status bump on both is minimal, though Hyatt Platinum is better than PC Gold.

The signup bonus for Hyatt is better, if you're going to use the 2 nights somewhere wonderful, like almost any Park Hyatt. On the Priority Club side, 60,000 PC points can stretch more - 12 nights with Pointsavers, or a little more than 2 nights in a Holiday Inn. But the places are generally not as nice.

For spending, I value a Hyatt point (about 1.5 cents) more than double a Priority Club point (0.6 cents). If you're going to use the card a lot, Hyatt is the way to go. Then again, other cards, like the SPG AmEx or perhaps the BA Visa, can offer more per dollar spent.

If you renew, Hyatt currently offers nothing, while PC offers the annual renewal certificate. And the PC card is cheaper, $0 then $49 instead of $75.

I would recommend Hyatt for the following people:
* Frequent Hyatt travelers.
* People planning a trip where there is a Park Hyatt (or other really good one).
I would recommend the PC Visa for everyone else. [EDIT: Or maybe even the Marriott Visa with a free night certificate, but foreign transaction fees.]