Playboy has better looking models for the most part, but they don't show as much as I'd like to see. Hustler shows too much for my tastes. Penthouse is nicer in this area, but I don't like the blurred pictures either.
Overall, I'd probably choose Playboy because they have some bigger name celebs in there once in a while. I don't know why, but these days I'm a lot more into mainstream celebs than porn.
The last time I bought a copy of either one of these mags was when Playboy had a pictorial of Kristy Swanson. I'd been wanting to see her naked for about 15 years. She looked pretty good, but I wish she would have done it about 10 years earlier.