GWX is a more complete package with deeper content, but based on an older platform. It's held dear in alot of hearts around here, and often used as the benchmark to compare all other mods with. (rightly or wrongly)
Despite that, OM + OMEGU is a
very nice package, and when coupled with a few other mods, actually weaned me off of SH3 onto SH4. Something I thought would never happen.
Both base platforms (SH3 and SH4) have their own issues, but whichever way you go, you will not be disappointed with either of these mods.