Honestly? In my opinion, Peter Parker SUCKS. He is one of the most whiny, obnoxious and stupid self-dramatizing BRATS I have ever seen in any kind of storylines. While Spider-Man rules. Dude's always on the move, always with good humor... Heck, it's the reason I'm loving how Shattered Dimensions plays. No Peter Parker, only Spidey.
Wally West's Flash run is pretty much the very idea of Spider-Man done well. Alot of crap happens to his family, loved ones and pretty much everyone he takes care of, due to his public identity. But the whole tale is done in a very good way, even when the Spectre erases public knowledge of his identity (even to himself). He always saves the day, he always makes it right in the end, and he's brought both his wife and children back from the dead. Now that's hardcore.
But Parker pushed through all the whining, the misery of the reality of his life, and kept going with being Spider-Man because he knew he had a responsibility. That's the beauty of the character. Life shat on him, both as Parker & Spider-Man, and he kept pushing through, as both Parker & Spider-Man because of the lessons he learned, and in the end he got the girl. He was rewarded with something good. Sure, his life was still all not that great, but he still had someone that loved him & visa versa. This destroyed all of that and brought him even further back to the whinyness than even the last 5-6 years of awful Spidey writing did.
Also, Wally West can really not be compared to Peter Parker. They are two completely different characters. Wally West started off as a hero at a young age, even younger that Parker. He had a mentor to fully teach him how to use his powers and to set an example. He had other teenage costumed heroes he hung out with and they grew into their own family. And after Barry's death, Wally properly assumed the mantle of the Flash and builds a life for himself. Yes, there are some story comparisons. Like Linkara pointed out, there was an event with Wally in which Neron does indeed steal Wally's love & marriage, and it's done so much better than OMD. Of course, as brilliantly written and reinforced by Geoff Johns, a writer who uses the past to reinforce his version, Wally's love for Linda is his lightning rod, his way home, so that whole thing has more importance than OMD. But Wally never suffered as much as Peter did. Ever. Especially early on in his crime-fighting career.
Now, do I think Wally West is a better character than Peter Parker? Yes, I do. But I think it stems more from the fact that he's been handled sooooooooooooooooo much better as a character than Peter Parker by the writers. If anything, it's why The Spectacular Spider-Man is, IMO, the best version of Spider-Man I've ever seen, if you want to compare Peter Parker characters.