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PSE might be faster than PAE (thanks to larger pages and smaller page tables)
Some (very old?) CPUs support PSE but not PAE
Cons:
PSE might be slower than PAE (it's probably not an optimization target for Intel or AMD)
Accessing memory above 4GB requires PSE-36
PSE-36 might be slower than PAE (since you can't use 4kB pages above 4GB)
Some (very old?) CPUs support PAE but not PSE-36
NX/XD requires PAE
If you're specifically targeting non-PAE hardware, it might be worthwhile to support PSE (but not PSE-36); otherwise, stick to PAE or switch to 64-bit.
Hm, I'd consider using PAE for the NX bit only, if your looking for more RAM covering you should simply move to long mode
PSE sounds like a feature nobody would even expect from an OS since PAE and 64 bit were designed