It's definitely leagues ahead of the 360 D-Pad, yes, though whether you like it comes down to preference:
The DualShock 4 controller is pretty much identical to the D-Pad in the PSP-3000 - it's a large, mushy D-Pad but it also has a satisfying amount of travel to it. It isn't like the Vita D-Pad though which is smaller but clicky.
The Xbox One controller is more like a Nintendo handheld D-Pad, but larger. It is satisfyingly clicky but it also takes a bit more effort to operate. The earlier XBO controllers had metal domes beneath them making it very "clacky" but tactile to use all 4/8 directions, However I'll point out that my later XBO controller from last year is quieter and has less oomph to its feedback, I think they changed to plastic domes.
Basically, they are both good D-Pads, so it really depends on whether you prefer a mushy or clicky D-Pad.