IMO, the PM2 is Spyderco's best EDC blade, and their best knife under about $300. When discussing the PM2 vs the Manix2 XL, the PM2 wins in 4 of my 5 most important categories. And the 5th is a tie. Here they are:
1) PM2 ergos are near perfect. The Manix XL has a few hot spots that develop during hard use (my hands).
2) PM2 lock mechanism is one of the sturdiest locks on the market. Manix2 is almost gimmicky.
3) PM2 blade shape is plenty big enough, and is easier to control than the very big Manix2 XL.
4) PM2 weight is phenomenal. Manix2 XL weight is brutal.
5) PM2 blade steel is the same as the Manix2 XL, and both are FFG. This is the category in which they tie.