This is one of those classic questions that will get a different answer from each person. In many ways, it is a simple matter of taste. PV is a tourist town, but also a fully functioning town where locals work and eat, too. Cabo is not. PV is very centalized, with most everything in a downtown locale; Cabo does have a town of sorts, but it is totally touristy --- the nice hotels and resorts are far off and not necessarily within easy access of much else.
I have stayed at the Sheraton PV prior to the hurricane last year. This property has a very good location and we found the general offerings to be fine. It is NOT a luxury hotel and there will be no pampering of guests!!! If that's what you need, do not stay here. We found the place spotlessly clean and the restaurants to be okay. I look forward to staying here again following the extensive renovations to both rooms and grounds this year.