Vendetta is the heavier story, I beleive. From discovering the horrid reasoning behind V's efforts, to Evey's initiation at the hands of V, and the brutal finale in which V gets his wish, to allow the people to decide through chaos, the story is immense. I also love some of the inspirations behind Moore and Lloyd's development of V - the Shadow and the old pulp style characters - In which they do things that are as bad as the villains of the piece but you believe in them purely because the story puts them as the good guys - V even refers to himself as the villain, the bogeyman of the twentieth century.
Watchmen, as brilliant as it is, falls a little short for me because I don't believe the narrative is as strong. It is a brilliant work and serves to deconstruct the superhero genre unlike anything else, even Miller's DKR, but I think it is simply a series of extraordinarily-well-done character moments strung along on a paper-thin narrative, first following the investigations of Rorschach, then Nite-owl's retribution, and finally the revelation of Ozymandias' plot. But this isn't to put it down, it is a superb work. I just prefer V for Vendetta, to be honest.
On a final note, there are too many parallels between Britain as it is right now, and Britain in the story, which gives it extra depth. In the intro, Moore posits the notion that Conservative England - At the time Vendetta was written, Thatcher had been in power for years, and already things were turning sour - is beginning to be too cold, and nasty, so it's ironic that under Labour, things have possibly become worse than ever before, and much closer to what he and Lloyd envisaged.
So, yeah. I prefer Vendetta, is the short answer. Good question, by the way - The two are often held up as the best of his works, even though I prefer his ABC series, Top Ten, over either of them.
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