I would agree with yycworldtraveler's assessment. Mr. Megatop and I have been lifelong devotees of the Pen since we first spent a night there. It has become our Home on the River in Bangkok. Looking forward to a couple of nice stays in the coming days. Unlike yycworldtraveler, though, my mom loves the Peninsula too.
If you go with the Pen, do not miss breakfast riverside. It's absolutely lovely. My favorite way to start the day in Bangkok. Although I'll concede I've never tried to start a day in Bangkok any other way....