Pig on Tez work is very active and proceeding well, and I would expect it to part of a release in couple of months (less than 6 months).
There is also now better support for ORC format in pig as well. The major stinger aspect that pig hasn’t benefited from is the vectorization changes. Other improvements like Tez and ORC will be part of pig.
Since these technologies are constantly improving, I would reccomend choosing what fits well for your current use cases. This means also looking at if you want the expressibility of pig and also the conciseness of SQL.