I'm almost with Twinfan on this - definitely the values make the most difference.
I believe I can hear a difference between "bod-standard" ceramic, orange drop, and PIO... but it really is a matter of taste rather than better or worse.
Also, I've found some guitars need PIO if they want to satisfy me, others sound dreadful with PIO and sound best with ceramic ones (in one case I think I've even reinstalled the cheap Far East things it came with).
In general, my experience is that, depending on the guitar, I usually far prefer either the PIO or the cheap ceramics. Orange drops, for me anyway, always seem to come 3rd on the testing.
But like I said, the value makes more of a difference for me... if all I had was an orange drop of the right value, that's what I'd put in and I wouldn't think twice or start fretting about replacing it in a hurry.
EDIT: I am still prey to this subject though :lol: - if the guitar likes PIO, I feel far more relaxed that it's got the more expensive option in it!