I own both lights, and I have to agree, that the PWM flicker on the M20S is BAD. I estimate around 100 Hz. Try waving your right hand in front of the M20S, and it'll seem like you have five right hands. However, since you're looking for a weapons light, I'm assuming that you'll only use it on the highest setting, which makes the PWM a non-issue. The OP reflector makes for a really nice beam, and it is true, that the SMO reflector makes it look like the light throws better, but that's only because the SMO introduces a really nasty dark ring right next to the main beam, which makes the hotspot SEEM brighter. I tried illuminating a target at 100 meters with both reflectors, and I was unable to tell any difference.
The G5 has a nice beam with the SMO reflector, no rings and artifacts, and it throws like crazy. Target illumination at 100 meters compared to the M20S is NOTICEABLY better. However there is nearly no secondary flood, but on a weapons light that's probably not a problem, right?
Go for the G5. You won't regret it.