Last September I flew out to Albuquerque, picked up a rental car, and drove to Durango (a LONG drive after a LONG flight) for the D&S Photographers' Special. Then I drove over to Chama for the C&TS Photographers' Special (Chama-Osier-Chama). I stayed around for the two-day Trains Unlimited Chama-Antonito round-trip charter, then drove back to Albuquerque and flew home.
The D&S has some wonderful scenery. Heading north is a great experience--steam locomotive, mountains, river--you name it. Awesome! However, there's a fair amount of the southern end of the line that doesn't have all that much to commend it. And, after an absence of fifteen years, I was struck by how far beyond its earlier boundaries the town of Durango seems to have spread.
The C&TS, on the other hand, gets going on the scenery right away and doesn't let up. It may not have the picture-postcard appeal of the D&S's river canyon, but it has more than enough to keep any visitor more than happy. And taken in its entirety, the scenery is, I think, better.
Plus there's the atmosphere of the operation and the delightful accessibility of everything in Chama.
Lastly, Chama is a good deal closer to Albuquerque (but avoid Santa Fe is my advice).
If I had to choose only one, I'd go with the C&TS. But whichever you choose, you'll want to come back again, and soon.