PMF should work better on sparse data sets. SVD is compared against SVD++ in [1] (almost close performance) and SVD is compared against PMF in [2] (PMF outperforms SVD). So you can have a estimation how PMF should be in comparison to SVD++.
[1] Koren, Yehuda. "Factorization meets the neighborhood: a multifaceted collaborative filtering model." Proceedings of the 14th ACM SIGKDD international conference on Knowledge discovery and data mining. ACM, 2008.
[2] Mnih, Andriy, and Ruslan Salakhutdinov. "Probabilistic Matrix Factorization." Advances in Neural Information Processing Systems. 2007.