Pros and cons indeed. Came back from Bali a couple of months ago and my husband and I actually loved it. Curiously, a lot of our friends who still live in the Philippines or live in other countries in Asia did not feel the same way about Bali. Granted, the beaches are simply incomparable to our beaches in the Philippines, but I loved the culture. I did not go to Bali expecting white sand beaches. We also stayed in Sanur instead of Nusa Dua or Kuta (wanted to use my IHG or SPG points but decided against it). That alone made a huge difference I think. Sanur was more laid back and less crowded.

It's been a while now so I'm not sure what you ultimately decided to do. I think if you want to explore islands with stunning beaches, go to Palawan. If you'd rather take in the culture, and have a little beach time on the side, go to Bali.