Funny, I was just talking with another friend today about the "Peerless" name. Any idea where that comes from?
Not sure but I know it has more teeth on the guard bar and from what I understand is more efficient/aggressive. I think the difference is 17 teeth on "Peerless and 11 on standard. I know there is a British Ever-Ready 1912 referred to as the Peerless also. I have one but it seems to only be a difference in the pattern on the handle.
They were both most likely just marketing ploys to get people to buy a new razor.