Being a huge, long-term hard-core fan of both PJ and U2, I have to say that comparing them is pretty pointless unless it is to highlight the vast differences in their approach to just about everything.
One of PJ's trademarks is the tremendous amount of variety in their setlists. They have and will play a city 3 nights in a row, 26 songs a night, and not repeat a single one. They are proud of their ability/willingness to do this and so are their fans. Trust me, the "cohesive" of the set list (whatever that means) certainly does not suffer. Fans will hold up cardboard signs at their shows with an "obscure" song name (Breathe, Footsteps, Sonic Reducer) and they will rock it, on the spot, as if they had been rehearsing it for months. The PJ concert experience could not be more different than the U2 concert experience. Notice that I did not say "better."
To the musical layperson that I am, and in my OPINION, the members of PJ,as well as the collective band, are much more sophisticated musicians than U2 (wait, hear me out). McCready is simply a guitar wizard. Stone is the best rhythm guitarist I know of, and Eddie has sharpened his skills to the point where he plays lead (!) on alot of songs. That is THREE top tier guitarists, bassist Ament and drummer Matt Cameron (who is phenomenal btw) and even throw in Boom on the keyboard for a handful of songs. With that much musical talent on stage, there is no need for synths and sequencers and the guys can improvise on the fly and play requests at will. U2 (essentially) has Edge, who I absolutely adore, but he kind of stands alone in terms of non-rhythm section sound up there. Hence, the U2 production team's heavy input into the show, the static setlist, etc. They are just so different musically than PJ that it is really not fair to U2 to compare their set list variety, etc. So U2 compensates in other ways - visually, artistically, etc. - and the shows end up being spectacular regardless.
And btw, the ratio of hardcore fans to casual fans is much, much higher at any given PJ show than it is at a U2 show. In any event, PJ always will play a healthy dose of Ten and their other mainstream hits to satisfy the non-fanatics at any given show.