While both sets have their fair share of top notch hall of famers and stars, multiple backs, variations and rarities, I don't think there's a question, at least in my mind, that the T206 Monster is by far the most iconic set of cards of all time. T206s are more popular and more well known throughout the hobby and I never see that changing.
Personally, I've never thought much of the T205s. I don't like a lot of the designs, with balls and bats encircling players' floating heads. And even worse are the gold borders, which don't look good unless the card is NM or better. And despite my lack of love, I've considered putting together a Hall of Fame T205 run just for the hell of it.