While I'm in process with eLearn's course, I've definitely been enjoying it. Personally, I agree with JHaddix's remarks, of it being a 'CEH killer', but it definitely varies, from what was covered in PWB. It seems, to me at least, that eLearn went through more time on the web application attack side, whereas, PWB made gave you some higher-level overview, but then made you self-study that a bit more. And if you're a newbie to the realm of security, eLearn's buffer overflow info is an excellent resource, and IMHO, will be easier for someone to learn, if they're starting that topic from scratch.
Overall, PWB was very rounded, and really made you work for your knowledge, and challenged you more, with their multiple-machine, multi-faceted labs. So of the two, I preferred it, as it gave me much more hands-on experience and time on multiple fronts.
So it depends on who you are, how you learn, and what your end goals are. If you're emphasizing web app security, eLearn went out of their way to put some good training together. If you're looking for a much more rounded approach, with more lab and hands-on time, at least from what I've seen so far, PWB wins that comparison.
But both courses are well worth the time and money that are involved with them. And both are a step (or more
) above and beyond the CEH.
My 2 cents, anyway,,,