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p2p links avoid bandwidth sharing issues, common with "cloud" WANs.
That said, MPLS (or other "cloud" WAN technologies, including Internet) certainly can be deployed in a manner that mimics p2p, and if so, you can get p2p like performance at a lower cost. What generally happens, though, a network takes "advantage" of a WAN cloud's multipoint features to even further reduce costs, but at the risk of creating unpredictable performance (the latter can often be somewhat mitigated by MPLS QoS features, buy they are usually inferior to what you can do on a p2p).
