I've read a few posts on PE and found that it mainly involves searching for capital for new funds. There is also a considerable amount of time spent doing actual things related to the operations of the businesses and managing those businesses.
On the other hand, banking involves real-time market related work where senior bankers are active advising some of the largest companies and transactions. Bankers are economics drivers.
Is PE really better than banking at the senior level? How about even for a guy like Frank Quattrone or Micheal Klein who are more boutique with a specialty on advisory?
UPDATE: I would like to clear lifestyle differences, compensation (although there's some stuff out there on that), ability to challenge, prestige, interesting work, etc. What's better betweenlong-term?