If you need to carry more items, are not bothered with potential creasing issues, prefer the flap closure and are more into the the cute/preppy look - go for the Favorite PM.
If you only want to carry essentials (phone, compact wallet, compact, lipstick, tissues, keys), prefer a zipper closure, like external pocket option and prefer a more edgy/modern look - go for the Pallas Clutch.
However, for a first LV I’d suggest something with more bang for your buck - between the two, that would be the Favorite. I love my Pallas Clutch, but I do feel it’s a bit overpriced. Favorite has a much more reasonable price point.