I too sat on that fence, before deciding on the PK AS. I have the military PK AS. The one that does not have the dimming red dot adjustment. It does not sit above the bore. If you are left eye dominant and shoot with the rifle on your right shoulder, then it's the PERFECT set up with a great cheek weld. Good optics.
I like the ability of using the circle and dot as a ranging scale, and the ability to use the standard black dot should batteries ever fail for the red dot. Mine is calibrated for the 5.45, as with the ballistic cam, so for 7.62 it will be different for the various ranges. It also allows you to use the rifle sights. Russian version of the EoTech. Very well built, rugged, and heavy.
The PK AS V sits over the bore. I think the Kobra does the same thing. That said, not much experience with either Kobras.