Aside from being RPG’s, Dragon Quest and Final Fantasy really don’t have much in common: their gameplay themes and design philosophy are complete opposites at times. Direct comparison of DQ to FF (both RPG’s), is kinda like doing a direct comparison of Castlevania to Contra (both platform action) or Street Fighter and Mortal Kombat (both fighters). Depending on how you spin it, one will seem better or worst than the other. However when you get down to the nuts and bolts of it all, they both do what they do quite well.
I don’t like all Dragon Quests (3, 5 and 8 are the best IMO), just how I don’t like all Final Fantasies (4, 6 and 7 are the best IMO). Some DQ are better than some FF, just how some FF are better than some DQ. On the whole I see both franchise as equals. Depends on what you’re looking for. I’m looking forward to DQ9, just as strongly as I am for FF13.
That being said… until recently, I’ve felt that Dragon Quest was more “epic” than Final Fantasy. DQ1 to DQ3 is the Roto Saga. DQ4 to DQ6 is the Heaven Saga. Each trilogy tells a single story, and that made it greater. Since merging with Enix, Square has been doing this with Final Fantasy (the Ivalice Saga and FF7 Compilation) - however since the merging with Square, Enix has dropped this trait with Dragon Quest (7, 8 and 9 are not related).
Something else worth noting: DQ are generally under the direction of the same three people - Yuuji Horii, Koichi Sugiyama, and Akira Toriyama. As far as the Japanese are concerned, if these three are not the “core” people in a DQ title, that title should NEVER be called a Dragon Quest. Final Fantasy on the otherhand, has changed core personnel over the franchise’s lifetime. The creators of DQ (Sugiyama in particular), have expressed they are getting “burned out” from so many games. When that happened to the original FF creators, they took a break and let others take their place. This option is not on the table for DQ. However as DQ8 and DQS show, there might be a bit of steam left in the engine (or at least the original trio can delegate without making fans too angry). Besides… despite the “creative manpower” for FF, we got assed out with 9, 10X, and a WTF in 11.
EDIT
This all said and done… anyone take note now different DQ9 is now? I’m really curious to know what the original 2006 beta looked like, as they spent two years redesigning, after negative opinions about that version were expressed.
2007 DQ9 Trailer
http://www.youtube.com/watch?v=3Yu0E2Fn8Pk
2009 DQ9 Trailer
http://www.youtube.com/watch?v=eryIi1WZUkw