Just to inform you, that I have not taken PMP or PRINCE2 in any way. But my company recently did training by EMX Consulting on the Fundamental of Project Management which explains the whole process of PMO and the difference in certificates.
1. PMP is US certified which is primary PM cert for North America, Canada, Middle East and SE Asia. PRINCE2 is UK certified only has influence across Europe and Australia.

2. PMP for:
- Professional Degree
- 4500 project hours
- 36 project months
- 35 contact hours

- Associate Diploma
- 7500 project hours
- 60 project months
- 35 contact hours

Exam Fee
USD555 (Non-Member)
USD405 (Member)
(PMI Membership fee USD129)

3) Both are the same probably the modules differ a bit. PMP is more widely recognised which is highly recommended.

4) Recognition, most countries adopt PMP.

5) read no. 1
Anything you can refer at:

http://emxconsulting.net/ConsultingSvs.htm
http://emxconsulting.net/Training.htm

http://www.pmi.org/certifications/process

PMP is more difficult then Prince2

For Prince2 you can actually take the foundation course first before go to Practitioner.

Foundation examination consists of 75 question passing mark is 50%. (multiple-choice) for 1 hour
3 days course and the fourth day you can take the exam if you are ready.

As for PMP

The certification exam has 200 multiple-choice questions, and you have four hours to complete it.

Passing mark is 61%

So yeah to me PMP seems harder. One of my colleague took a month off just to study PMP.

You will need to also attend a week course at a certified education center before you can take the exams. Most of the exams questions comes from this course. I actually just study a night before the exams and passed it the 1st time. TO maintain your PMP certification, you will need to obtained 60PDUs in three years. This can be involved in projects, giving or attending relevant talks/seminars, etc. You need to document all this down.

Depends what path you need to go. Simple as that. PMP basically equip you with the skills to handle any projects, though its pretty IT based. WOuld you be doing any projects in the near future? You also need to know what is the requirement needed to take the exams and what you need to do to maintain your certification. For me, I might lose my certification as I dont do project now. But it was helpful for me to climb the ladder.

Is there any chance of you doing projects in SCM? Previously I am also in SCM and there were lots of projects, big and smalll, hence PMP was really useful for those big projects. You can start small with Six Sigma at your workplace to work on small changes and eliminate waste and then work to expand on it.

Any updates? Did you do PMP or Prince2? I am in a similar dilemma.

My friends want easy, they all took PRINCE2

I took the difficult way, I have PMP
Within my circle, so far I am the only with PMP and a handful of PRINCE2