I have a seat of both and you can't just say one's better than the other...
LW's renderer is awesome, right up there with the best. As is LW's modeler; fast, intuitive (once you got used to it) and prepped with about everything you will need, 'cept real NURBS.
And LW's surface editor rocks too...
Then there's full HDRI support, great radiosity... I could go on for hours.
Maya on the other hand boasts the best dynamic system, great rigging tools, awesome flexibility due to the node based architecture and even comes with mental ray now.
So I'd say for photoreal or "hyperreal" renderings you'll need LightWave, for character animation Maya might be better suited...
so just get both and do like many big studios
hope this helps,
cheers,
philip