Peschi Grande is ok, but Dominica's on Solomon's is hands-down the best Italian around. It's kind of hidden, but it's right next to Chevy's to the left. They have a fun jazz bar too. I can't say enough great things about them, Food is great, service is the best, and it's just worlds above any place downtown.
You can't compare Dominica's and Pesche Grande. They are both very good, but Dominica's is a more upscale experience. It depends on what you are looking for. For basic Italian Pesche Grande is very good. For more adventurous fare Dominica's is the best around in my opinion.