Overall, both of these clients are good but not great, which perhaps partly explains why Microsoft has chosen to go the Outlook Express route for more recent releases of Internet Explorer.
Pros: Easy customization, integration with Office and IE 3.0
Cons: Windows 95/98 only, could benefit from a speed infusion, lacks far too many critical features to be competitive in today's environment, discontinued and no longer supported or developed by Microsoft (supplanted by Outlook Express)