Floodgate is not worth its price in money. While it does feel good, being able to control the traffic at the firewall level, Floodgate fails in reporting. If you refer the brochure, you can see, it can do a lot of stuff about reporting. However, Floodgate only provides limited reporting functionality (top 10/20 whatever). However, if that is not your requirement, and you feel controlling the traffic through rules is a better option, Floodgate is better than Packeteer. Also remember, another Checkpoint product will mean upgraded hardware configuration.
Packeteer on the other hand has different products to chose from, and unless you want to be cost-beneficial, you can actually design your network to give you fantastic control over traffic. Yes, Packeteer can prove to be a bottleneck too, if your design is not done properly.