Let's break this down, piece by piece. What show should you be watching? Based on talent, the storyline and the overall entertainment, pick which show has the advantage, add up the total and figure out which show you should be watching.
The #1 Championship
RAW - Edge v. Cena
Smackdown! - Kurt Angle v. Mark Henry (w/ Daivari)
The #2 Championship
RAW - Ric Flair v. ????
Smackdown! - Booker/Orton v. Benoit
The Tag Titles
RAW - Show/Kane v. Heartthrobs? Snitsky/Tomko? Viscera/Val? 3 Minute Warning?
Smackdown! - MNM v. Mexicools? Kendrick/London? Dicks? Gymini? Regal/Burchill?
The "Other" Title
RAW - Trish Stratus v. Victoria? Mickie James?
Smackdown! - Kid Kash v. London? Kendrick? Jamie Noble? Nunzio?
The Midcard
RAW - Carlito/Masters/Show/Kane/Shelton/RVD/Flair
Smackdown! - Orton/Benoit/Booker/JBL/Rey/Kennedy/Lashley
The GM
RAW - Vince?
Smackdown! - Teddy Long
The Top Backstage Guys
RAW - HHH/HBK/Vince
Smackdown! - Undertaker/Kurt Angle/JBL
The Internet Show/Jobbers
RAW - Heart Throbs/Snitsky/Tomko/Viscera/Val/Gregory Helms/Rosey/Murdoch/Cade/Dupree/Conway
Smackdown! - Kendrick/London/Jamie Noble/Burchill/Regal/Holly/Hardy/Orlando/Nunzio/Vito/Sylvan
The Women
RAW - Trish Stratus/Mickie James/Victoria/Candice/Torrie/Ashley/Maria
Smackdown! - Stacy/Sharmell/Melina/Jillian
The Announce Team
RAW - Styles/Lawler/Coach/Maria/Todd
Smackdown! - Cole/Tazz/Matthews/Funaki
Wrestlecrap
RAW - Spirit Squad, Vince's Devils, Mama Benjamin
Smackdown! - Boogeyman, Jillian Hall's face, Midgets
The Time Slot
RAW - Monday nights at 9pm on USA
Smackdown! - Friday nights at 8pm on UPN
I couldn't include everything- feel free to add stuff I forgot as reasons you've made your decisions.
For me, Smackdown wins 8-4, w/ Raw taking the women, the backstage guys, the timeslot and the announce team.