Part of the problem is that we're assuming that the two compete directly. The simple fact of the matter is that, in this world, there are Ferrari people and there are Lamborghini people. They generally don't cross paths.
Historically speaking, Lamborghini has almost always played second-fiddle to Ferrari. A cross-town rivalry in much the same way that Ford and Chevrolet have had, but playing to very different ideals. Ferrari has always had a classic, sophisticated swagger that Lamborghini has never been able to capture. Lamborghini has always had to prove something... Bigger engines, different layouts, crude designs... Power. Granted, it worked pretty well with the Muria and Diablo, both of which have defined the majority of Lamborghini's history... But, it is the variety of Ferrari's work that makes them the winner here.
What am I on about? We're talking about a company that is producing some of the worlds best vehicles, and has consistently done so throughout the Post-War era. Between the Formula One and Grand Touring cars, along with their road-going counterparts, Ferrari has managed to become a world-renowned brand because they build unique sports and racing cars that are unlike anything else. The sounds, the looks, and the performance are always top-notch.
But, even then, it can be a case-by-case basis. For every Jalpa, there is a Mondial. For every F40, a LP-670-4 SV. On the whole, I'd venture a guess and say that Lamborghini has had far more terrible vehicles than Ferrari, but we still haven't forgiven them for the 400i.
Today? I have to admit that I don't really care for either one of them. I'm not blown away by the Aventador, just as much as I've given the 458 a few yawns. Sure, the FF has some interesting ideas, and the updates to the Gallardo have been great, but there isn't much that's all too exciting. Ferrari is walking away from the elegance that the 575M had, and Lamborghini is getting too focused on making a good car than actually making a true Lambo. What's up with that?
No, in the supercar market today, you've gotta look elsewhere. Pagani is the new Lamborghini, McLaren is doing a better job translating racing technology to the road, and in the end I'd rather put money on a "lesser" Maserati or Jaguar to get more of what Ferrari used to be.
