The following is the only information known by looking at the grade report:
P = student completed the course and did not fail.
W = student did not complete the course, with an unknown grade at the time of withdrawal.
With a P, the student was not earning a failing grade, whereas with a W, the student may have been.
What do you think looks better?
The bottom line is an application with P's won't raise the same questions as one with W's, unless of course you pass/failed a prereq, in which case you will have to retake and may be questioned as to why you pass/failed it the first time.