The night sight on the M&P 340 is certainly something that would be nice to have. I have to wonder why it isn't offered on the 340pd, probably would make it even more expensive than it is. Though if money is not a problem, it could be added to the 340pd. I also have to wonder if the M&P 340 could cost a little less without the tritium sight.
The only real functional difference between the two is the cylinder. The only advantage the 340pd offers is being 1.3 oz lighter. I can say there is a definite perceivable difference in the carry weight of a 340pd vs. a 642 (3 oz difference), but the 1.3 oz difference between the 340pd and M&P 340 would be more negligible. The titainium cylinder is more difficult to clean and possibly subject to erosion from hot loads with fast powder (reason for the light bullet warning). In reality this is not a concern for most people since a lot of hot 357 would have to be fired and even then, it would probably only be a cosmetic defect at first. Some will mention the ss cylinder is stronger, which is true, but the titanium cylinder is not weak. If one is concerned about ultimate durablility and longevity, get a steel framed J frame such as a 640. Of course then the weight gets doubled, but with gun designed mainly for carry, it is a reasonable compromise to sacrifice a little strength (if it even matters).
The M&P 340 was not the first "scandium" (it is actually aluminum alloy) frame revolver with a stainless steel cylinder. There were a limited number of 340ss revolvers produced which were identical to the 340pd, except for a stainless steel cylinder that had a shiny finish instead of the dull black finish on the M&P 340.
What is best to go with is subjective. Sometimes comments about differences are actually amusing. When the M&P 340 was released, I remember reading a message board where there were people bashing the 340pd while having great praise for the M&P 340 (though most had not likely actually seen one yet). One guy even said the M&P was such an improvement because the titanium cylinder of the 340pd was ,"obsolete" in his words.
When having to decide between and airweight (642, 442, etc.) and an airlite (340, 340pd, M&P 340), there are significant differences to consider such as weight, cost, and ability to handle 357 or not. When faced with a decision between a 340pd and M&P 340, differences are more academic.