I say that PLJ is a sign of a male. When I was younger I practiced taxidermy along side the owner of the shop during the summer. We focused on fish, and primarily trout. In the trout species, (by no means related to any arowana species) the males have a more "pointed" head, and the lower jaw during mating season gets a sort of ball on the end. In salmon, that's called the kype. Only the males develope the PLJ. The females have a more rounded head, shorter snout and unless a defect, never a PLJ.
I've seen enough pictures of arowanas (silvers, black, asian, lei and jars) to be of the belief that the PLJ defect is actually just a sign of a male fish. If you look around for pics, you'll see both head shapes exist and in strikingly similar quantities.
I for one love PLJ and my aro has a very pronounced lower jaw with big barbels. Maybe it's from fishing for trout. Usually, the bigger males during mating season are just more attractive.
To each his own. Nice fish. I know what you mean about the colors too. You can't show someone a picture of a nicely colored silver. It just doesn't do them justice.
edit. one final thought on the PLJ. Has anyone ever considered that the PLJ may assist the males in scooping up eggs to brood?