Monero is a CryptoNote coin built from the Bytecoin source (see github) and so offers an identical feature set. Thus far the developers have in fact fixed several errors in the Bytecoin coin, notably the apparently crippled mining code. Monero's net hash is approximately 14 times that of Bytecoin's and so is likely the more popular of the two. Monero's development team is also much more active in terms of popularizing CryptoNote, e.g. today's successful implementation of stratum pool mining.

My primary concern with Bytecoin is that it is subject to the same economic problems that are currently destroying Ripple: when you have the vast majority of the wealth held by a small number of holders the economy becomes unstable. If even one large holder decides to liquidate their holdings, they flood the market and destroy the value of the entire currency. Monero's clean start and extreme liquidity (its daily exchange volume approaches 10% of the coin supply) mean that it is more likely to be well-distributed and hence immune from this issue.