I have both the Rift CV1 and the Vive, here is my take on them at the moment.
Rift Pros
1) Significantly more comfortable - I've put a welding mask headgear mod on my Vive along with replacement face masks, and while better it's still not even close to the comfort and ease of use of the Rift.
2) Better performance - It seems the driver / compositor stack in the Oculus software is much more consistent and efficient. I can consistently drive higher effects and more super sampling in every piece of software on my Rift than on the Vive. Those pieces of software written specifically for the Vive like the lab look amazing, but anything that has been ported or retrofitted not so much. ATW/ASW go a long way... You will notice a difference.
3) Less texture shimmer - Like performance the Rift just seems to work better for visual quality in many titles. Both DCS and Elite show significantly more texture shimmer using the Vive than on the rift with the exact same settings.
4) Built in audio - Ease of use... Ease of use... Ease of use... Like location is really important. It takes way less time to get into the rift. With the Vive you have to adjust headset, get it comfortable as possible (no very). Now find your headphones and put them on, while you can't see them. Rift literally just goes on like a baseball cap.
5) Seemingly better developer adoption - There is a bunch of half finished shovel ware on the Steam store for the Vive. While there are some outstanding players there seems to be better adoption of the Rift in tackling problems by non VR focused devs. Elite, DCS, iRacing, etc... have all tackled Rift first and seem more responsive in fixing rift problems than Vive.
Vive Pros
1) Much better screen brightness / contrast - In ED bright lights look blinding and great with bloom. The Rift has a much more muted look bright lights is not nearly as convincing. The rift is also prone ugly 8bit like banding on darker scenes.
2) Less distracting god rays - Personally the god rays fade away a little better on the Vive. At a minimum when they appear you know what they are. Sometimes in the rift you're not sure whether the lens is smudged of fogging up as the god rays present like fogged glasses.
3) Better tracking - The Vive tracks incredibly well, both headset controllers. I notice a little float in my head position with Oculus as soon as you're out of the optimal position for the camera. I have had no problem with a 6ft x 6ft space on the rift, but when you stand still the float seems to kick in (gentle front to back motion).
4) Controllers (for now) - Right now (till december at least). Vive is the only game in town to experience a "real" VR like interaction. I will guarantee you will want to reach out and touch things in VR. With most Vive software you can, you feel much more like a participant vs the observer feeling you get in the rift.
5) Better company practices - Valve (and lesser extend HTC) typically does great things for their consumers. Facebook and now Oculus are obviously trying to lock you in. They want their own store and hardware. It really does feel like they are trying to turn Oculus into an X-Box / PS4 type platform.
6) Open Platform - With the open tracking spec, I'm pretty excited by the possibility of body tracking and game specific controllers that really ramp up immersion.
7) Fewer USB ports - Vive only needs one USB 3.0 port. The rift for equivalent room scale needs 4 (1 for headset and 3 more for cameras). Even more you will likely need expensive USB 3 extension cables to make a room scale setup for the rift. With the Vive you just need two power outlets and you are done.
All that being said for simulation type games like Elite: Dangerous, DCS World, or Flight Sim X. Nearly all the advantages of Rift are bonuses and the negatives are negated. In these types of games you can remain in the sweet spot of tracking and nearly all game interaction is done through other peripherals (Steering Wheel, HOTAS, etc...). This only thing for these games I wish was the better contrast of the Vive visuals.
It remains to be seen how well the Touch controllers close the gap on the rest of the experiences. I have not had the opportunity to try multiple cameras to see if float is reduced or how reliable it will be in real room scale usage. To this point I've only been able to try it with Razor Hydra controllers which are quite poor in comparison to the Vive, and limited me to about a 1m area.
