Thanks for all the responses.
The Sprawls have the granny waistband like most boxing trunks do, but this also gives them more cross-training opportunities. I can wear a Abdominal/Kidney Protector and still maintain a very wide base with no problems. The same can't be said for the Nogi shorts though. But appearance wise I don't think I would wear the Sprawls as casual wear because of the waistband and the pocket. The Nogi shorts have an actual practical pocket that you can store your keys, wallet, and cellphone in. For this reason they have can be used as casual shorts.
I've rolled, swam, and sparred in the new Nogis so now I can review their performance. They are softer and more comfortable than the prior version. Because of their material the Nogi shorts don't stick to your skin as mxyzptlk said.The Sprawls tend to stick when sweaty but this also helps when going for triangles or armbars. You get some additional traction but at the cost of a little discomfort so again it's a toss-up.
The Nogi shorts also seem to absorb water whereas the Sprawls don't. I went swimming in the Nogi's and they definitely retain water as you can feel the difference in weight. As a result they dry slower. But they tend to breathe better and as a result feel better than the sprawls on your skin, Past experience also shows that they absorb blood whereas with Sprawls they just roll off. Of course Sprawls are black and hide stains better than the white Nogis, though we'll see if this still holds true when they have a white Sprawl short.
The new 06 OEs also seem to be more translucent or sheer. You can see the writing on my VT shorts whereas this wasn't an issue with the older line. It's not an issue with thickness though as both 05 and 06 models seem to be equal. You can just barely make out the print on the VT shorts though and really only when they're slightly wet so this isn't a big issue.
I know some people want me to pick a winenr but it's really just a metter or personal preference. Neither shorts handily beats the other. There are vast differences in design though. The nogi's are considerably longer which I like though most people don't If you are 5'8" or shorter you may find that these shorts will hang past you knee and need hemming. On the Sprawls I love the waistband as it fits like a glove despite it's "granny-pants" appearance. Perhaps a happy compromise would be just having part of the short elastic like around the hips.
If price is a concern then go with Sprawl since they are cheaper. But there are competitors who offer essentially the same shorts as Nogi for $10-15 cheaper. But the Nogis are probably the coolest looking shorts so the additional price may be worth it. They are the only pair of mma shorts that people have complimented me on and even inquired where they could get a pair. But of course it's always been proceeded by the question "what does Nogi(always mispronounced) mean?".
There are some revisions I would like to see to each companies' fight shorts.
Sprawl: Get rid of the hard plastic logo on the waistband and use either a stitched or silk-screened logo. This is the only one I care about the rest aren't really concerns. To solve the "granny pants" look just use the elastic waistband on the hips of the shorts. Make the internal pocket a little bit bigger or perhaps just get rid of it entirely. Perhaps using a stretch material for the entire short.
Nogi: Use a thicker stretch material. Use heavier duty stitching and by all means use a gussetted crotch. The latter won't be visibly apparent so as not to detract from the looks of the shorts but greatly increases durability. Get rid of the rivet on the pocket, this also somewhat reduces their use a a swim trunk. The water parks here will make you take out any rivets in your shorts before they let you in. I haven't been to one in over 7 years though so I could care less. The reason I dislike rivets is that when I was passing someone's guard the rivet cut my forearm. And what's the bungie cord loop in the pocket for?
I need to train in both shorts for a greater period before I could even begin to choose a favorite. But in all likelihood I probably still wouldn't come to a conclusion or new models would be released that would make it a moot point. I like variety and like switching up the shorts I wear while training. If you could only afford one pair of shorts then you have yourself a dilemma. If you cross-train then I believe you would be better off with the Sprawls as they have more versatility in this regard. If you want to use them as casual shorts then go with Nogi. Otherwise it comes down to peronal preferences.