Does anybody has experience with both of them so they can share some light about which one being the more effective?
In my opinion they both get you same amount of conversions in a definite amount of money invested in each ad campaigns.
If you are more interested in saving money and brand awareness than may be you should concentrate on pay per sale.
Pay per click is always effective when it comes to facebook. It can target the actual audience according to age, sex, country etc.
Every campaign has different fields so they have also different conversions because of the needs of the particular user.