I actually like it better with RGHW than GHW, because I feel like it pops more and makes etoupe look less yellowy beige than GHW but that's just me! (I have it with rghw in a roulis double tour bracelet that I use as a choker.) I also prefer rghw to ghw for my skin tone which is pinkish. ^_^The nice thing about Étoupe is that it's such a true neutral that it works with either hardware.
Therefore, one can easily choose one's preferred HW. I prefer PHW in my bags but think PHW and GHW are equally good with Étoupe. One can think of it as similar to Gold, as bags with the Naturel contrast stitch tend to look more sporty and fresh with PHW and a bit more formal with GHW.
FWIW I do NOT like RGHW with Étoupe, it accentuates the color's tendency toward muddiness.