I've recently done both. I think the Feast is a little higher class. It's not a buffet, they serve you at the table, which is nice. They serve you courses from four of the region's islands in conjunction with a show from that same island. The food is quite good and the variety is interesting. Tables are smaller and the seating is more comfortable. It's also a little more intimate venue.
Like Old Lahiana, it's also on the water with beautiful sunset views.
If I were to take someone to one or the other, I'd choose the Feast.