HKL CE vs. IVL FS:
http://web12.dvd2web.de/ironmonkey/ironmonkey.htm
CE:

PE:

PE is slightly sharper. Not by much, though.
CE:

PE:

If you look at the floor on the left, you'll see that the PE is much more detailed.
CE:

PE:

As I've said before, the CE suffers from an extremely low bitrate.
This results in macroblocking and loss of detail in fast-moving shots.
CE:

PE:

Here's why some people believe that the PE is inferior. The low bitrate used in the CE hides grain.
On a small TV, the PE would look grainy while the CE would look fine.
On a big screen, the PE would look alright, but the CE would look blurry.
*Eagerly awaiting a different comparison that might prove me wrong*
Update:
IVL vs CE vs PE (IVL and CE caps from DVD-Heaven):
-IVL
-CE
-PE
No contest.
Note: The slight difference in brightness might be due to different software being used for playback.


