I will have to say that it's close. 2005 and 2004 matter though. Generally in 2004, p.2 beats the shred straight up but it comes at a price. However, in 2005
Osiris, what you say can be correct, but if you think the p.2 can go xc, the shred will too. The thing is, they're made to dj and urban. They are hardcore hardtails. Generally, the 2 have roughly the same frame strength. Personally, I think the p.2 is stronger, just because of the welds. I think the Specialized p2 in 2005 has a better bottom bracket, a gigapipe. But, it has crappy brakes. I mean they're HMX2 XC. My shimanos are actually pretty good. You don't have to squeeze hard at all and you'll stop easily. But, they don't have as good modulation as hydraulics, from what I hear. The new shred is also lacking in the drive train department.
Keep this in mind though, Kona only has a 1 year defect warranty on frames but has a lifetime CRASH replacement. That means you get the frame back for what Kona pays for your frame, if you do destroy your frame. Plus shipping. It's good. However, specialized only carries a life time DEFECT warranty meaning abuse=no warranty.
The p2 also has a boxguide and a whole lot of goodies.
Had I had the money, I would've gotten a p.2 (don't blam me kona fans). But, they were too expensive for me. The p.2 is a better value, better bike that I find is just overall better.
PS: Kona sucks on drivetrain SO BADLY. I mean this year they put an altus on a 900CDN bike. That's insanely BAD of them. When I get the money I will upgrade my drive train.