I love Philodendron 'Pink Princess'; so much so that I have two! I read that if you keep it pruned back you can keep the pretty variegation in the leaves but if you don't prune, it will revert to the regular P. erubescens; has anyone else heard that? I've only had my plants about a year and haven't pruned either of them. Five or six years ago I had a very small Pink Princess that I received in a trade and I tried propagating a stem cutting but ended up being out of town for a week or so during which time we had lots of rain and both the plant and cutting drowned! Here's a tip from Lari Ann from a couple of years ago on the Aroids forum about propagating 'Pink Princess':
The thread "Philodendron erubescens 'Pink Princess'" in
Philodendrons, Elephant Ears, and Other Aroids forum
I keep one of my plants on the screened porch and the other inside the house. Later this year when I find time I might try rooting a cutting again!