Having an off-road and track day motorcycle background with Ohlin's, Penske, and WP Suspension experience I'd have to say Penske is a quality product and competitor to any shock manufacturer.
But like j-rho mentions, without proper valving and spring rates for your primary application you won't experience the full value of premium shocks. But if you do get the valving dialed over the entire stroke with proper sag and spring rates it can be heaven.
The range adjustability in high quality shocks with respect to compression valving (low and high speed) and rebound dampening can be substantial compared to the lower priced competitors. With Ohlin, WP, and Penske on my bikes one click of comp or rebound is noticable, four clicks is substantial and there is 24 clicks of low-speed compression on the WP shock. The stock (rebuilt) Showa on my Ducati is frustrating, very little change per click.
Suspension is an art and science and knowing the difference between good, bad, and exceptional requires a lot of seat time and experimentation. It is very easy for manufacturers, distributors, and tuners to sell sub-par "custom" valving on premium priced products to unknowing buyers.
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