I am going to have to say the Brits are better when it comes to overall music.
Here in the US we have our fair share af great musicians, but when you look at the bands that have made an overwhelming contribution to music, they are...Brits.
The Beatles
Radiohead
The Stones
Bands I like have a tendency to come from Europe too.
Belle and Sebastian
Shout Out Louds
Portishead
Radiohead
North America does have some of my favorite musicians too though
Elliott Smith
Bright Eyes
Neutral Milk Hotel (FROM GA WOOT! WOOT!) =)
Cat Power
EITS
GYBE!
I am going to retract my statements and say that we are equal.
North America produces brilliant singer/songwriters, post rock.
I am not able to come to a solid conclusions.
BTW. Great thread idea, one of your only good threads hobo....