92, no question. Reliable, accurate and proven.
Now this seems like an apples-to-oranges comparison to me. But if one were comparing the 92 to, say... The Beretta/Stoeger Cougar, then we've got more of an apples-to-apples competition, as they are both alloy-framed, hammer-fired pistols designed by Italians.
The rotating barrel is a bit of a gimmick and effectively prevents the use of a suppressor, but it works, and it works well. It seems to require more lubrication than some other pistols I've handled, but otherwise, it has a fairly low bore axis for a hammer-fired automatic, and the recoil is middling. These things also translate to the PX4, but with its lighter weight, it has a bit more felt recoil, and its trigger is worse than the 92 or the Cougar.
The Cougar is also built like a tank since it was designed around the .40, and adapted for 9mm. While hefty for a gun of its size, it balances well, maintains accuracy close to that of the 92, and true to its namesake, kicks like a pussycat. Not to mention, it's affordable and can be easily converted from FS to G with no gunsmithing.