H1 steel's biggest plus is that it's corrosion resistant, AKA it will not rust. It's also a "work-hardening" steel which means that the more you use it and sharpen it, the harder the edge becomes (meaning longer edge retention). Because the SE has more grind time from the factory, a SE knife with H1 will have a harder edge than an H1 knife with a PE. My own experience leads me to believe that H1 is a great user steel because it takes a very sharp edge, holds it for a good period and is easy to sharpen.
VG10 is not rust-proof like H1 but it can hold a sharper edge. It can also be touched up easily and is a great EDC steel. Although acidic substances (ie. tomato juice) can create a patina on VG10, it's not a big deal. You can easily remedy that with lubricating the blade or polishing it.
If you are new to sharpening, then PE might be the choice for you. If you have the Sharpmaker, then I wouldn't hesitate to recommend a SE. I touched up my Hawkbill ladybug on my Sharpmaker and it was far less difficult than I thought it was going to be.
Basically, if you want a knife that you don't have to worry about and that can be used hard, then get the SE H1 Ladybug. If you want a more discrete color, then you might want a black or foliage green ladybug. If you want to be able to sharpen it easily, then go PE.
Either way, a ladybug is a very nice purchase. You'll enjoy it. :thumbup: