I've had many PAL flights to Sydney and Vancouver while living in Manila, and a couple flights from HK to Vancouver via Manila.
Yes, I've had delays of an hour or two, and it seems more often in the past two years than a few years ago. Mots of my delays have been out of Vancouver while waiting for the plane to arrive from Vegas. I've never minded the Vancouver delay as it means the flight arrives at 6am instead of 4:30am. In spite of the occasional delays, I prefer PAL over Qantas, or using Air Canada through HK. The flight attendants are friendly and attentive. If you're travelling with kids, PAL is the way to go as Filipinos love kids and are very noise tolerant.
I've had at least two instances where the in-seat TV didn't work, but both times there was an empty seat or two in Business Class so I was able to move.
If you're travelling Business Class, I find it as good as Qantas or AC, but of course not the same as Singapore AL or Cathay. If you're travelling economy, be prepared for a line-up at check-in as it takes a long time to check in all those Balikbayan boxes as excess baggage You can also rest assured that economy will be full, so don't hope you have an empty seat beside you, and the overhead storage cabinets will be full.
Beware transiting through NAIA in Manila. It's an absolutely horrible airport to spend a few hours in. Rumour has it the five year old new terminal will open some day, so the transit may not be so bad then.
If I was going to Sydney tomorrow, I'd fly PAL. Might be a little biased though as I'd use the stopover in Manila for a weekend visit.
PAL also tends to be cheaper than many other airlines. Not a factor when flying for work (I still choose PAL), but definitely important when flying with a family of five on vacation.