Advantage OneSpot or Godlyke:
--high available current (good for high-current-draw digital fx)
--cheap
--small
Advantage PPII:
--isolated outlets (see below)
--better resistance to external noise sources
--none of the clock-noise/whining that some people experience with switching power supplies (e.g. Onespot or Godlyke)
--physically rugged
--able to switch between different voltages without external accessories
The "isolated outlets" thing is the big deal, the real reason for the cost difference, and probably the biggest reason why people still buy the PPII. What it means: All pedals in your chain share a common ground plane via the patch cords. Sometimes the jacks are grounded to the pedal housing, sometimes they are not. A "daisy chain" supply like the Onespot or Brick also makes all of the pedals share a second common ground plane, via the daisy chain's negative wires. So right there is a potential ground loop, which is a very common source of noise problems. Read here:
http://www.rane.com/note110.html Beyond the ground loop, it's also the case that some pedals are "+ ground" and others are "- ground". So even if you use the correct +/- adapter off your Onespot, there is now a direct connection between the ground plane (where all the noise goes) and your signal path. This also sometimes causes one or more of the pedals in the chain to shut down or operate badly.
Conclusion: Be aware of the ground orientation of all pedals in your chain, and be aware that it's a crap shoot whether you will or won't have issues with a ground loop. I use both kinds of supply, and I carefully manage which pedals are on which supply.