I’ll preface this with the fact that I work at Nike - want to be transparent about that. The below is my personal opinion/experience only.
As some have pointed out, the two shoes are different and provide varying benefits. I have never liked running in a “soft” shoe before, but do find Reacts to be the best “soft” shoe I’ve run in. On the flip side, I have lingering achilles issues from my old running days and too many miles in React tend to flare that up a bit, likely due to the lower drop and my running style. My personal experience is these are the most comfortable shoes I’ve ever run in, but I can’t use them as daily trainers.
I use the Peg as my daily trainer and love the updates in the 35 (full length upper being the biggest). I find the ride/transition much smoother in this iteration vs. the 34 or other previous models. Compared to the Reacts, the Peg is ‘firm’ and more responsive. The shape of the heel upper also alleviates any rubbing on the previous mentioned achilles, which has been a nice bonus for me. The upper has a bit more structure to it vs. React as well (as many have pointed out).
I know a lot of people who run in both, myself included. Which is better is a matter of preference, but i think they are both solid for what they provide.