Chocolat is priced cheaper at $49, while Sublime Text is $70 for a license. Chocolat has a 14 day free trial while Sublime Text 2's trial doesn't seem to have a limit. The look and feel for both editors is very nice, but Chocolat has an edge over Sublime Text since it is a native OS X, while Sublime Text is multi-platform, and you can tell the difference. Both editors however are very customizable when it comes to look and feel.
Both Chocolat and Sublime Text have a ton of features, pretty much everything you need. Chocolat has a "vim mode" and built in documentation, while Sublime Text is extremely customizable. For one editor to beat another in terms of features, you'd have to be looking for something specific.
It's hard to say which editor is better - I don't think you can make an argument for either editor without being subjective. Chocolat might be more bang for your buck, but Sublime Text might have more support in the OS X community. Almost everyone I know uses either Sublime or Textmate, I don't actually know anyone that uses Chocolat over either of those editors. But it's not like I actually know a lot of people, so Chocolat should definitely be in the conversation.