The campy one does adjust and is really much better made than the Miche one. I haven't played with the Phil BB's much. If Cavernmech is around perhaps he can answer. He is the one who originally let me know about Miche problems when I brought in my track bike with creaking problems after a month of riding on it.

For an extra couple bucks I really would go with the Campy BB. If you're not trying to make the lightest bike on the planet, you can save by getting the Campy Veloce BB rather than the Centaur one. They are identical, except I believe the cups are a little heavier on the Veloce...You'll save a few dollars this way and still have a very good, long lasting BB.