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The Integrated Multi-satellitE Retrievals for GPM (IMERG) and the The Global Precipitation Climatology Project (GPCP) are two of the most popular precipitation products. IMERG is a relatively new dataset that targets the needs primarily of the hydrological community by resolving the hydrological cycle of precipitation at fine temporal (30-minutes) and spatial (10-km) scales. IMERG only recently exceeded the user base of the highly successful, but discontinued in 2019, TRMM Multi-satellite Precipitation Analysis (TMPA). GPCP, on the other hand, has traditionally been strong in the climate research community, and recently has been revised under the framework of NASA's Making Earth System Data records for Use in Research Environments (MEaSUREs) program. Both IMERG and GPCP are similar in the underlying approaches to achieve global coverage, in particular using satellite microwave and infrared observations, and adjusting the precipitation retrieval with rain gauge information. While there is a tendency to use both datasets interchangeably, differences remain and some of them limit the usage of IMERG as a climate data record at this point. By applying Principal Component Analysis, we identify the differences and similarities mode-by-mode, and further the guidance on suggested usage of IMERG as a climate data record. As an example in the attached figure, IMERG vs GPSP differences in the explained variance by the two leading seasonal modes can be identified, mainly in the extreme southern latitudes, and over western boundary currents (Gulfstream and Kuroshio). At the preparation time for this presentation, the new version "07"of IMERG was in the works that may resolve the issues presented here. Nevertheless, our analysis can help to gauge the uncertainties of the studies already done using the currently existing IMERG version "06", and evaluate the improvements in the upcoming version "07".