While both companies make excellent mandolins, they do sound different. A lot of what goes on here is more a matter of what sound you want than one being necessarily better than the other. In general the Collings have a better reputation for fit and finish, and they're probably a bit more consistent in the overall quality but, that being said, I personally prefer the sound of the Gibson. It may be that years of listening to bluegrass (which has, until recently, been most often played on Gibsons) Gibsons sound more like what I've grown to expect a mandolin to sound like.
This is, of course, just a long winded way of saying the most important difference between the two is entirely subjective so your best approach would be to get somewhere where you can try the two side by side and see which (if either) get to come home and play.
Greg Henkle
2002 Prucha F5
2003 Gibson F5FB
2010 Stratocaster HSS
1965 Fender Telecaster
1962 Martin D18
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