With the new addition of Level Sync, Morion Earring +1 is better due to its low lvl nature where the stats won't be nerfed the hell out of, if you are to pt below lvl60. Versatile in and out of lvl capped areas as well.
+5MP extra is whatever unless you're short of 1-5 MP to sleep/kill a mob, which has never happened to me. I've soloed my BLM from 50 and up, and I have never been in a dire situation where 5mp makes a world of difference. With ToAU's refresh sanction + Black Cloak now available, +5mp can easily be ignored when in Aht Urhgan areas.
IF you REALLY want one, then I suggest you to purchase the ingredients (Gold earring/phantom tathlum) and get a friend with high end goldsmithing to make one for you. Its 10x cheaper(on Fenrir server) and you can purchase several sets of the ingredients and still not be paying as much as you would in purchasing Phantom Earring +1 from AH.
Edit: if your friend makes a HQ on his/her first craft, you can just give the remaining materials to him/her and perhaps make another HQ for profit or for LS distribution. For +60BLM, you won't need two as you should already have Moldavite earring when it becomes available to you at lvl47. Also applies to +60RDM except with the rotation of Moldavite and Enfeebling earring on one ear.
Edited, Dec 17th 2008 4:17am by Nyiii