iCab feels more complete, has more options, looks more like I expect a browser to. It feels generally better from a user interface point of view.

OmniWeb feels kinda lightweight as a web browser, it doesn't let me put the controls where I want them, it doesn't give me preferences for some behavior that I'd like to control, but in general it does feel like a better application. Like the cedo and UI that are done are superb. It does some cool stuff that I didn't previously expect from a web browser, but it doesn't yet do the things I do expect from a web browser.

If iCab expects to keep up with Omni, they may need to revisit their code base. But in general, their product rocks. competition is good.