I've been using both and while it is tough to beat a bong, I do still enjoy the PerfectPipe.
I don't think the bong holds much more (if any?) than the PerfectPipe, but there's a certain convenience with packing a hit and sucking it down in a few seconds with a bong as opposed to packing the PerfectPipe, putting in a new filter, and taking something like six hits to finish the same amount. If I'm sitting down to enjoy a bowl, I still like the PerfectPipe and how clean it is on the lungs. It just takes a little more time to pack & clear, but not much more than a standard bowl and it is much more efficient, IMHO. For a quick hit, nothing beats the bong!
I do believe, if your issue is coughing and harshness on the lungs, the PerfectPipe will help!