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The GT500's advantage over the SS is obviously HP/Torque. No automatic is offered for the GT500 (unless you choose to add an aftermarket, which is major $$$) if you're into drag racing, or just get annoyed by shifting in traffic with all the stop and go. Plus, if you aren't a good driver, you probably won't get any faster times than you would in Camaro due to the supposed difficulty of launching the GT500.
You could throw on mods to outperform the GT500 at a lower price, but throw out the factory warranty you would receive from buying the GT500. In other words, whatever that will screw up with your Camaro, especially with all the different mods needed to outperform the GT500, will be fixed by money out of your own pocket.
Basically the decision should come down to which ever car's looks stand out to you, and which one feels better when driving to you. If you're looking for an attention getter, you should probably go with the modded out Camaro.
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