I've seen a bunch of posts about the princess breakfasts and thought I'd share our experiences.
We did both CRT and PSB on our last trip (In September, 2004). I booked both b/c our daughter is a huge Snow White fan, and at the time I kept hearing that Snow White was usually at PSB. Of course when we went she wasn't.

But we did get to see Jasmine, Mulan, Aurora, Mary Poppins, and Belle.
I liked the quieter atmosphere of PSB, and because of the restaurant layout, it felt more like they seated us in groups, which added to the quieter feel. The princesses were very friendly and extremely patient as my 4 yr old daughter wanted to be the one to take pics of all the princesses. The food was great.
CRT was definitely showier and more festive feeling. But it was also more crowded and to a certain degree more chaotic feeling. The waiting area was packed, and I hope Disney will improve how they handle calling the parties when it's time to be seated. It was difficult to hear the names being called, so we almost missed our seating call. The castle was beautiful, and the food was amazing! Once we got upstairs and were waiting to be taken to our table, we had to wait for a few minutes while they figured out where to seat everyone (our group was 3, but several families were taken up at the same time). Basically there was a traffic jam at the elevator and stairway between the groups leaving and the groups waiting to be seated. Once we were seated, things seemed a little less chaotic. Our waiter was very attentive and friendly. The food was great! (my husband thought it was better than at PSB). I liked that they had french toast sticks for the little princesses and princes. The princesses did come around frequently, which I'm sure was due to tables contantly being turned over for new parties. But because people were constantly being seated or leaving, it did not seem restful or relaxing to me. And we were seated close to the main walkway through the tables so I'm sure that's why it seemed so chaotic to me. Oh, we saw Belle, Cinderella, Snow White, Aurora, and Mary Poppins. Our daughter wore her Cinderella costume with white velcro Keds, and Cinderella commented that it was a good thing Katie (our daughter) was wearing shoes with velcro--that way she wouldn't have to worry about losing one! Very Cute. And Belle commented that she was glad she skipped wearing her ballgown that day b/c it was so crowded in the restaurant. Plus she said her afternoon plans were to curl up in the library with a good book, so her provenical wear was much more comfortable.
All in all, if we do a character breakfast again, we'll go back to CRT. DD's face lit up at being in the castle and seeing all the main princesses. But she really enjoyed seeing Mulan and Jasmine at PSB.
Hope this helps anyone else trying to decide between the two breakfasts--they both are great!
Christine (aka Princess Katie's Mom)