Speed of use; Vegas-hands down with change back.
Featureset? Premiere has a slight edge.
Suite integration; Premiere, hands-down
Speed of render, system resource use;Vegas.
Formats accepted and mixed;Vegas
Sexy wow factor; Premiere
Media Management; Vegas *can* win this one, but Premiere has a more user-friendly manager, IMO. But...Vegas is much faster at locating/assembling shots.
Learning curve; debatable, but Vegas wins this one too, IMO.
Output quality on both is the same. It's digital. Vegas has a no-recompress for HDV and XDCAM, so it's very fast, but it's the same quality coming out as what goes in.