I have played both.
Guild Wars was fun, and very nice game. I only played through Prophecies (First game) and not the second/third. I liked the quests/combat; and considering it was a no-fee MMO was a great bonus. However, I deleted it after playing through the whole compaign 2. I raided the dungeons, met up with people, PvP'ed and all that stuff you do in MMO.
Hellgate, its similar to my Guild Wars comment that it too is a nice, fun game. Biggest concern is the terrain, and textures which are very repetitive. While it is free to play online, you will miss out on the big stuff/upcoming patches without paying.
Hellgate is closer to Diablo 2 feel.
As to which game is better - they are pretty much the same to me :P Considering you need to buy multiple games of Guild Wars to get its full feel, and you need to pay fees to continue your adventure in Hellgates multiplayer.
Edit: I support fireandclouds comment; if you want Diablo'ish feel, get Titan Quest.
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