I sail occasionally on a friend's P26 in the San Francisco bay. Like all Pearsons, she is a well-built, well-designed boat - as you probably know, Pearsons have an excellent reputation as a boatbuilder. Still very competitive in our Beer-Can racing. As you would expect from a 26' boat, the accommodations are a bit cramped for a cruise of more than a few days, but are better than many boats that size. They have upgraded her to an asymetric spinnaker, which works very well.
The boat I sail in has a tiller, and is fine for 3 people in the cockpit, but can be a bit cramped with 5 - again, what you would expect with a 26 footer.
My only concern - purely personal - is that the rudder looks exposed - I prefer a skeg.