Looney Tunes are better in the sense that you can do so much more with dialogue (puns, etc). There are so many memorable lines and expressions. "IT JUST DON'T ADD UP!!!" "MON-U-MENTAL!!!" "Stigmatism!" "It isn't 'you don't have to shoot him now'; it's 'you don't have to shoot ME now'! Well I say he DOES have to shoot me now; so shoot me now!" The thing about Tom & Jerry, is what several others have mentioned; it breaks from the usual rut that the cat always loses. Plus, the general relationship between them, where they're more just sparring competitors than the typical predator and prey. They can even be friends or at least team up at times. When it entered daily syndication in '77 (I didn't know about it before then), it was a welcome relief from all the other cat-as-bad-guy cartoons (such as Looney Tunes, Mighty Mouse and Herman & Katnip). Apparently the Academy must have thought it was better as well, as they took the most Oscars.