I have the Palermo MM and the Moca Neverfull MM and they are both great! I don't think they look alike at all... the Neverfull MM is a lot bigger and holds more stuff but has the open top. The Palermo PM is smaller but bigger than a Cabas Piano. I love having a strap for the Palermo PM!
So, yes - get the Palermo PM!!! You've been enabled!!!
They may be similar, but they're nowhere near the same. I'd say the palermo is more of a structured bag while the neverfull seems more casual. If you can swing both, go for it. As any PFer will tell you, you can never have too many bags!