I'm watching the sample screencast now, and I have bought Peepcode screencasts but not for rails, but here's my impression.
The railstutorial screencast reminds me of railscasts - almost 100% editor/terminal/browser. Very hands on, very code-intensive.
Peepcode has a lot of organized section transitions, slides, visual aids, etc. The summaries and concepts slides are exceptionally useful. Also, Jeffrey talks about half as fast as Michael in railstutorial.
Both are great and I'm talking myself into buying the railscast package right now. I wish I hadn't already spent ~$100 on educational stuff already this month :)
If I recall correctly, PeepCode's Rails 2 screencasts are less than three hours total. That's fine if you're already an experienced Rails developer, but the Rails Tutorial screencasts are for people who want to learn Rails from scratch.
I recommend PeepCode (and Railscasts) as a follow-on to the Rails Tutorial. In fact, last year at GoGaRuCo I pitched the Rails Tutorial project to PeepCode founder Geoffrey Grosenbach as "From zero to PeepCode."