At its press event yesterday Google unveiled its latest and unsuspected innovation, Chromecast. Bearing a striking resemblance to Apple TV, Apple’s entertainment streaming device, Chromecast is a blatant attempt to get into the ring with the former. But seeing as how the two are nearly identical, it poses the question “which is better?” Here’s a comprehensive look at both streaming services from technical specs to price tag.

Overview

Apple TV is a palm-sized digital receiver that sits quietly next to a user’s enhanced-definition or high-definition widescreen television. With a 1080p resolution, the device projects entertainment–movies, television, music, etc.–from specified sites and any Mac OS X or Windows computer running iTunes to only an HD TV.

Chromecast is very similar in theory. Though a two-inch dongle, Chromecast streams the same kind of entertainment to television sets though instead of receiving it on OS X or Windows devices, Chromecast is focused on the mobile realm, streaming to iOS and Android devices. The dongle easily connects to an HDMI port and is subsequently out of site, out of mind.

Streaming

Apple cut deals with a bevy of entertainment sites so their streaming selection is pretty expansive. Users are afforded content from the iTunes Store, Netflix, Hulu Plus, YouTube, Flickr, iCloud, Wall Street Journal Live, Sky News, Qello, MLB.tv, NBA League Pass, NHL GameCenter, and of course any Mac OS X or Windows computer running iTunes. AirPlay, available on all devices running iOS 4.3 or later, lets the user stream from their iPhone, iPad, or iPod. Remote control included.

Google’s list of streaming sites for Chromecast might not appear as extensive on the surface but the movies, TV shows, music, and more from Netflix, YouTube, Google Play, and Chrome allow for near-endless possibilities. Even better is that while Chromecast will stream directly to your HD TV, it will also stream simultaneously to your iOS and/or Android device allowing for more on-the-go freedom. Users don’t need a remote control either and need simply to push the ‘cast’ button.

Technical Specs

Apple TV streams its content through the cloud, offering 8GB of cloud storage on all things entertainment, so users can save and stream at their behest. In production now and to be released later this year is Apple TV Software 5.2 (based on iOS 5.2) which will likely provide a more user-friendly UI among other goodies. It’s dimensions are hardly noticeable 3.9 in (99 mm) x 3.9 in (99 mm) 0.9 in (23 mm), connects to WiFi, and runs on 512MB of memory.

Connecting via USB, Chromecast offers 1080p graphics, connects via WiFi with connectivity for HDMI as well, measures in at 72 mm × 35 mm × 12 mm, and weights just 34g. Google did mention that Chromecast streams from the cloud but did not disclose anything in regards to cloud storage space. It uses Chrome OS instead of Google’s go-to Android for mobile.

Price

Apple TV goes for $99, not including subscriptions to the sites it streams from, and will ship within 24 hours.

Chromecast is slapped with an affordable $35 price tag, including 3 free months of Netflix as a promotional features.

Bottom Line

Between the two, I’d have to choose Chromecast. It’s cutting-edge, it costs much less, it affords just as much content to be streamed, and it offers more freedom in terms of where and to what device one can stream to. Apple TV is certainly great service and comes with the guarantee boasted by Apple’s renowned brand but Chromecast undercuts virtually everything offered by Apple. The price difference is also huge as both services are near mirrors of each other. In the end, it all comes down to personal preference. Apple TV will give you more options but Chromecast will give you more streaming freedom. Whether you’re the type who wants all possible entertainment, you ought to opt for Apple TV. Whether you want your movies, music, and TV anywhere and everywhere–while being on a budget–you ought to opt for Chromecast.

But that’s just my humble opinion. For those who own and love Apple TV, let’s hear from you. Does Chromecast hold up next to Apple TV? Or are you eagerly awaiting its release so that you can ditch Apple’s streaming service in favor of Google’s? Cue the debates in the comments section below.