I think Pete's SG/Hiwatt-sound (or LP with Mini-Humbuckers) is one of the best guitar sounds ever. I saw Neil Young last week with Old Black and that's the only one competing. But...
I saw The Who three times the last couple of years and the first two times I wasn't very impressed by Pete's sound. Too thin, not very powerfull. The last time I saw 'm was just after their triumphant shows at Glastonbury and in Hyde Park. It was the only show after that weekend before the summer break of the tour and it seemed they wanted to make one, last big party. They were in the best mood ever, Roger didn't wanted to to leave the stage afterwards and I think Pete cranked up his amps or something. His guitar sound was louder, rougher, better, cruchier, and looser than the previous two times. He sounded a bit like the old Pete and I loved every single second it! I was really impressed.
The piezo on his guitar is a nice addition live. In some songs he can go from sounding acoustic to electric, without changing guitars. Nice for songs like Pinball Wizard.
The Road Worn Mexican Fenders are not much cheaper in The Netherlands than the Flea Sig. And I like the specs of the Flea sig: colour and stacked controls.