Since I do not have personal experience with the Picco, I can only comment on the Hyper and give you what I have heard on the Picco.
From where I'm standing and from what I have heard, the Hyper is the better engine out of the box. While the Picco is a bigger displacement engine, according to my LHS gurus, the engine is basically a straight bore .26. Nothing of significance in the way of exotic porting to give it better performance. They have ported a few .26 and say that they are pretty much the way to go (with a quality port job). They said the .26 was a bit hard to tune. Their recommendation is to get the Hyper 21 8 port for the right out of the box performance, and I happen to agree.
Without any modifications to my engine, the Hyper performs...and I mean it performs well.