Like Preacherman, I have owned both. A decade ago Taurus products were nowhere as good as a Smith & Wesson. But during the recent past the company has made marked improvements. As a consequence the CURRENT production are much closer to Smith & Wesson in terms of quality then they were. However S&W remains the benchmark against which all others are matched. A Smith & Wesson unquestionably has a better resale value, and I doubt this will change in the foreseeable future.
Unlike some others, my Taurus revolvers (I haven't had any experience with their pistols) haven't given me any trouble, and I find that in some important areas such as smoothness of action and trigger pull, cylinder gap and alignment, cylinder end-shake, and timing they are the functional equal of the other brand. I would note that I have avoided the titanium models chambered to use Magnum cartridges, and am aware there have been problems with these, but similar guns from Smith & Wesson are not necessarily trouble free.
When seeking a "bigger bang for the buck," (who isn't?) I often turn to the used market and seek out older Smith & Wesson's, but not Taurus revolvers. When I'm shopping for something new I'll consider both. So far I've come out without and disapointments.