Oh wow. Here we go....
One thing to consider here is that USF started out as one single park dedicated to the movies, whereas MGM was part of the Walt Disney World empire so it had something to feed off of.
If you compare the original incarnations of the two parks, USF beat out MGM, hands down. You want to know why? It's because USF had to put out a better product to attract attention. This is simple economics, folks.
MGM had virtually nothing in the way of rides when it first opened. It was basically a couple shows, a couple tours, and the Great Movie Ride. USF, in comparison, had Kongfrontation, Earthquake, JAWS, ET Adventure, Hanna Barbera, plus all the shows and other stuff. There were some technology issues with USF when it first opened, but all parks experience that to some degree.
Since then, both parks have evolved considerably and both are forces to be reckoned with. They have multi-million dollar rides that continue to bring in the masses. They have experiences that have become cultural icons to our generation and to generations to come. (BTTF and TOT, anyone?)
Many Disney fans will deny this statement, but Universal is very similar to Disney in many ways. Both are light-years ahead of the competition. Both groups of parks are heavily themed, with top-notch thrill rides, family experiences, and great live shows. You can't say that about Six Flags or your local amusement park, can you?
If I were to pick between the two parks right now, I would lean towards favoring USF over MGM. While I prefer the Disney experience and Disney attitude, I also prefer the thrills that Universal has to offer (Having Islands of Adventure, the best theme park in the universe, next door certainly helps too
). Universal gives me amazing rides while still providing the theming and ambience that I also crave. The only thing that Universal really needs to improve on are the employees, who leave much to be desired.