The Pentax is the better glass.
I have been using an 8x42 Pentax DCF WP as my primary full-size binocular for a few years now and it is a really great optic. Sometimes I wonder if I wouldn't have preferred the 10x42 Bushnell Discoverer because its FOV at 10x is wider than the DCF WPs at 8x but, this could easily be just a case of "the grass [seems] greener on the other side" syndrome.
I have a brother who owns an 8x Bushnell Legend and three friends who own Monarchs (one has an 8x and the other two have the 10x) and I have spent considerable time comparing all of them. The Pentax has always come out on top during these comparisons and I truly feel it was worth the extra $$ I spent when I bought them. Despite having been replaced by the newer (and more expensive) DCF SP line, my Pentax continues to provide an image that gives up only very, very little to the very newest, best, and most expensive binoculars. In fact, in my admittedly limited experience looking through the SPs, I don't think this new line offers enough improvements to warrant their $150+ increase in price over the WPs.
Don't get me wrong, I like both the Legends and the Monarchs and I think both offer superb optics for very reasonable prices. I do however, think the DCF WP is in every way the superior optic.