PC

Pros
>using modern patch it has proper widescreen support and can handle modern resolutions
>runs much smoother out of the box
>proper analog support so you can use the triggers on your modern controller to get varied throttle/braking force
>more cars available
>has fancier smoke effects
>has option between vertex headlight lighting or projected headlights for night races
>mods avilable which opens up a world of possibilities
>cockpit view
>death star

Cons
>car models while a higher poly count are mirror so you get lamborghini twice on the back of your diablo and one of them is written backwards
>game engine is just a souped up NFS2 on pc, so handling model is more simple than psx
>vertex headlights are blatantly designed for 4:3 so you tend to get flickering at the bottom fo the screen when using bumper cam specifically at widescreen FoV
>projected headlights are basically just a gamma curve adjustment for the highlighted area, so you are just blowing everything out with the effect

OVERALL SUGGESTION:
A tough one really as you can't go wrong with either but these days I prefer the pc version.

Best racing game of the year every year since 1998.