I've heard that rates are generally cheaper on Ryanair than easyJet but that the "experience" on easyJet is a little bit better than on Ryanair. I flew Ryanair last summer and got an insanely cheap rate from London to Barcelona (only had to pay tax), but felt sort of like a head of cattle being herded into a plane. Whatever, though, cheap is cheap!
It completely depends on where you want to go. They don't fly exactly the same routes so sometimes Ryanair is the only choice and vice versa. There are a bunch of other smaller discount carriers in Europe that you should think about too, like SkyEurope and others.
I've had ok luck with Ryanair, but better with easyjet. I once waited in an airport for three hours (I know, not that long) for a flight on Ryanair. I guess I wouldn't have been that annoyed, but the airport food kiosks were closed at the time. I have gotten really cheap deals on Ryanair, though. I just like the vibe of easyjet better.
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