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That's a REALLY tough question. Both shows, at their peaks, offered different great things. RAW had great main event wrestlers, great promo guys, legendary segments, amazing women... Nitro had amazing mid-carders/cruiserweights, the "cool factor" of the nWo, awesome heroes like DDP, Goldberg and Sting...
I think I'd have to go with RAW, just by a very small margin. Nitro's 3-hours were usually very good, but sprinkled throughout those 3 hours were terrible jobber matches that nobody wanted to see, long-winded promos by Hogan, Bischoff, etc, and the main events pretty much never delivered. Nitro was also big on the bait-and-switch technique to keep people tuned into the very last moment - announcing main events that never happened/broke down into pointless brawls. Only twice (Hogan vs Luger, Hogan vs. Goldberg) that I really remember did they come through with a real big time main event on Nitro.
RAW, at its peak, on the other hand, was pretty much always entertaining from start to finish. The only thing I would say WCW did better than WWE during their respective "peaks" is the cruiserweight matches and mid-card action, and by late 1999/early 2000, the WWE had brought in and elevated enough young talent (the Radicals, Hardys, E&C, Kurt Angle, Jericho) that they weren't too far behind WCW in that respect either.
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