Although PhilharMagic (yeesh - that awful name) is not the best attraction in this category, it is the more enjoyable of these two. The Tiki Room is more intimate, but doesn't impress me quite as much.
And yes, I am speaking of the Disneyland Tiki Room.
Personally, I like Philharmagic quite a bit, but then I have not seen the Disneyland Tiki show since 1981...
Tiki Room still is great after all these years
Reminder: This is the DL version, not the WDW one which is an insult to Walt!