Unlike Subrosa, I have on occasion grown catts in pure sphag without any problem (but usually I use a coconut husk chunk or bark based mix). It does have an impact on the way one waters, no two ways about it. I do have large grade perlite in some of my orchid mixes but I'm not a huge fan of it.
Question is ... how are you planning on using it and for what?
Are you thinking of using just sphagnum or just perlite and nothing else? If the answer is "yes", do keep in mind that perlite tends to get blown away or, if soaking a pot, floats away very easily.
If being used as an ingredient in a mix, then either or both may be fine to use. What you are intending to grow and what your conditions are like will be determining factors.
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