I initially started with two free blogs - AztecNetworkMarketing hosted by Wordpress, and this one, KathrynRoseWilson, hosted by Blogger, so am able to provide a comparison of the two blogging/hosting packages for you.
Firstly you need to know that we are comparing like with like here - I started off with the basic and free packages from both, with no upgrades. It is possible to upgrade in Wordpress, which enables more options, as well as your own blog domain: if you're interested in this option and the implications, see Wordpress blogs - free or own domain/hosting?
From my experience, I would say that the free Blogger package gives you easier and more user-friendly customization (in terms of changing fonts and colours within templates, adding a picture to your Blog header, editing your Blog's HTML code, and even adding an HTML item such as a web-form). Blogger seems to be a lot more open in terms of allowed content - you can easily add banners, adverts and other HTML coded items into the side columns or into your blog posts.
On the other hand, with the free Wordpress blog, you can change the blog template easily (the overall look/style, font and colours of the blog), but are then usually stuck with the template settings; and you can add/delete widgets (the additional informational items which usually appear in the side columns of a blog, such as Categories, Calendar, Search box, etc). There seem to be a fair amount of useful widgets available in the free Wordpress version, but if you wanted any more or a specific widget they don't offer with the free blog platform, you can't download or use any plugins or widgets, unless you upgrade and self-host. And you are a lot more restricted in terms of content, so it's not possible to include some HTML coded items (like banners), nor adverts.
Initially Blogger simply didn't do stats at all (whereas Wordpress gives you detailed stats automatically - simply look in your dashboard menu for Blog Stats). So up 'til now (July 2010) you would have to add a stats counter (such as Bravenet or Statcounter), via HTML code, to your Blogger blog, or use Google Analytics. All that Blogger did do automatically was show you how many people viewed your Blogger profile - click on 'Dashboard' and then 'View Profile'. However, this is not the same as the numbers who viewed each blog post, nor the total number of blog visitors.
But Blogger is at last getting on board and becoming a blog platform to be reckoned with. They have added a whole feast of new features, including: detailed stats (to access these you need to choose the "Blogger in Draft" option - see more details of the new Blogger stats here); sharing buttons which you can add for each post (for now, allowing you to share each blog post via email, blogging, Twitter, Facebook, and Google Buzz only); and a template designer, which gives you more options in terms of the overall look and customization of colours, fonts and background for your blog.
Having said all that, I think in summary and on balance, that free Wordpress blogs probably win in terms of looking more professional (and are often the choice for more serious or business bloggers), while free Blogger blogs win by being easier to use and customize.
If you'd like to read a Wordpress versus Blogger comparison for more advanced bloggers, see http://ezinearticles.com/?Blogger-Or-WordPress---How-They-Compare&id=2781959. Do bear in mind though, that Blogger have updated and added to their features quite significantly recently.
[This blog post has been updated in July 2010].

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