Trust me, I will NOT miss that pesto!
Thanks for all the advice. I actually just bought that RickSteves DVD... It's so fun to watch!

Just a mention ~ I do believe that the town of Santa Margherita seemed much larger than Monterosso. The harbor is very large and the promenade expansive along the bay. Monterosso feels cozy compared to it.
That being said, I loved both towns and do think that with just the two nights, Monterosso is the better choice for lodging and seeing CT.

We stayed at the Porta Roca in October and the mixed reviews it receives are well-deserved, particularly for the size of the rooms.
I would definitely find time if you could to visit both Santa Margherita and tiny Portofino.
We drove from Monterosso to Santa Margherita where we stayed two nights at the Hotel Metropole, and took a boat one early afternooon to Portofino for lunch. Very special.

(I'm way overdue for a trip report on restaurants in the region that I promised to deliver because so many posters were kind enough to rush me some ideas close to our departure.
**Better make some time for writing..)

Thank you, Chiara. Please do write your trip report, and include restaurants. We'd love to have lunch in Portofino or Santa Margharita on our way to the Cinque Terre. (We're driving from France.)