I had both* and prefer the Falcon. The Falcon has a better feel in the hand when in use and the slightly thicker cross section fills one's hand better without compromising it's pocket carryability. It has a nice re-curve to the blade that adds to it's slicing capability. This is a very decent do-all kind of folder IMO. I think it would do the self defense thing just as well as it would handle everyday kind of cutting chores.
The PG has a thinner, better slicing and cutting edge. The blade profile has a nice splinter picking pointy tip which I like. However, it does not fit my hand as well as the Falcon and it did not carry too well in my pocket. Aside from my little nit-picky whining, the PG is really a pretty good choice for a utility folder.
But, my mantra is, you should really try to handle both before you decide. They are vastly different feeling beasts in the hand to me.
*I gave the Point Guard to my youngest brother. He loved the look and feel of it so much when I let him try it, I couldn't help but send it home with him where I know it'll do a good day's work and serve him well for a long time to come.
All the best,
Mike U.