To me, Smackdown has been the better show...both wrestling and entertainment wise. They've got better matches, obviously, outside of the McMahon stuff, the storylines are better...Smackdown's stuff tends to be simpler than Raw's, but it's more realistic, and as a result, easier to follow and get into. I love the little things with Smackdown, like the Tale of the Tape and Tazz's Keys to victory (although Angle and Brock didn't really play off the latter).
I really don't know what to say about Raw. It's not as bad as it was last year around this time, but it still need a lot of work. First, they try to make it the entertainment brand when they've completely lost touch with what wrestling fans consider entertaining, there's too much focus on non-wrestlers...which wouldn't be a bad thing if they were used to elevate more undercard guys (for example, they could've replaced the Coach/Snow Vs JR King match with Stevie Richards Vs Tommy Dreamer, put Coach in Stevie's corner and JR in Tommy's corner with the same stipulations and got a much better effect), they rely WAY too much on comedy (I watch for violence, not for comedy), too many skits, too much talking, NO strong, dynamic face characters other than maybe Austin, and he doesn't wrestle, and the show suffers from a complete lack of realism. The only thing about Raw I really enjoy is the Women's division, and lately, even that's been a little too cartoony for my tastes.
So overall, I think Smackdown's better.