I'm not a real expert on this, but what I gathered from reading a very good book (Vance Harlow's 'Scuba Regulator Repair and Maintenance') and prowling on internet discussions are the following:
Piston regulators are much more simpler. Often the only parts that need regular replacement in the first stage are two o-rings in the piston. Since it's simpler, it's easier to maintain, and fare better if there is an accidental flood. The moving part (the piston) contacts ambient water, which could potentially result in problems.
Diaphragm regulators are more complex, with more parts that need regular service. On an accidental flood, it goes bad pretty quickly. The moving parts are insulated from ambient water.
Some people claim that diaphragms are more responsive, but I think that probably isn't true, because that seems to be more the function of the second stage than the first.
I've read that tech divers have preferences for particular applications, but for recreational diving, it seems there's no real difference unless one is doing ice diving or diving in polluted water.
I just checked and the Alpha 7 with the diaphragm 1st stage is a little more expensive, but has one more HP port. (The piston 1st is not balanced, but from the reviews it seems that there's no appreciable performance difference. ) I think it will come down to whether you need a 2nd HP port, and what you prefer in terms of hose routing.