Neither. The Cambridge 540p is a bit better. I tried the PP2 in direct comparison and the Cambridge was fuller, more body, not as thin as the PP2.
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I think the Project and the NAD retail for about the same amount and my first jump would be to the Project.The Project is a more recent design and the inside componentry is bluntly..superior.Having said that,the NAD runs off a DC supply and if you like the idea of using a regulated supply which you can use with the NAD i.e 24V 1amp DC,this lifts it's performance markedly.The Project uses an AC supply.The Cambridge is a little more expensive(640P?)so I would expect the extra cost would translate to performance.