No contest for me. Trick 'r' Treat isn't perfect. But it's a lot of fun and the Halloween atmosphere is palpable. It's also a real film full of good performances, some interesting ideas, and nice cinematography.
Aside from The Blair Witch Project I like very few found footage movies. And V/H/S is as uninspired as most of them. I understand that these shaky cam fests are good gambles since they're so cheap to produce. But not only are they visually unappealing--I find them very frustrating to watch. The danger of photosensitive epilepsy combined with terrible writing and unlikable characters makes most of the found footage films unwatchable for me.
For the record I made it through V/H/S. But I can't say I enjoyed it.