Let's compare.

1. Education: Both are autonomous. Both have good syllabus. Both offer 10+ branches. So I'd say both in this category.
2. College Atmosphere: RVCE is more liberal and PESIT is more disciplined. It depends on what you prefer.
3. Fests: RVCE wins this category. 8th Mile and other departments fests(iota, infinIT etc) had better budgets than Atmatrisha. There are separate Quizzing and Debating events that are held annually as well.
4. Placements: It changes every year. One year RVCE does better; other year PESIT does. Some companies go only for RVCE; some go only for PESIT. So, both.
5. Amenities: RVCE has much bigger land area than PESIT. Each department has a dedicated building, but some buildings are bit old (that are in the process of renovation). PESIT has a better auditorium. RVCE has a better Sports Complex.
6. Legacy: RVCE completes 50 years in 2013; PESIT completes 25. RVCE wins here.
7. Location: PESIT is located on Ring Road and has good connectivity with other parts of the cities. RVCE, located on Mysore Road is connected equally good. So, both.
8. Technical Activities: Both college have IEEE student chapters. Both conduct many technical events and conferences regularly.