Having now run in the Pegasus 34, I'm quite pleased. Compared to the 33, it's a bit firmer and the forefoot zoom air is less obtrusive. Although the upper is a bit different, it feels nearly identical--which is a good thing for me. Great snug, but not constricting, fit. One slightly noticeable improvement is the laces having a bit of elasticity.
Despite the lateral heel "radius" (as Nike calls it), the shoe does not feel biased laterally, perhaps because the midsole is firmer. Although I oversupinate (high, rigid arches and toed-out gait), the ride feels as neutral as I've ever experienced. The cushioning is responsive and shock attenuating without being gait-altering soft. Compared to the Vomero 12, the Pegasus 34 is more "neutral." The Vomero 12 has a more pronounced medial arch which functions like a stability post. Along with the softness and outsole geometry of the Vomero 12, it's not as effective for an oversupinator; it's better for neutral and slightly over-pronating gaits. The Vomero 12 is a great shoe, too, though probably best as a recovery shoe.
Overall, the Pegasus 34 feels amazing thus far! It's neutrally balanced, durable, well-made, and reasonably priced. To me, it's Nike at its best. I assume it's their franchise shoe--and it shows!