If your talking about live music and the club scene both cities are awesome. I'd rather be in New York during the summer because large number of free outdoor music concerts sponsored by the city. On almost every night during the summer there's free concert in some park in Manhatthan or Brooklyn and the bands playing are usually nationally known recording artists or the cream of the crop of the latest local bands.
London may have a slight advantage over New York on the nightclubbing scene. It's been a long time since I've visited London but there seemed to be quite a few more dance clubs. It's probably because the UK has a long tradition of people going out and visiting pubs in the evening while Americans stay at home and pass out on the sofa.
In the United States the economic recession has had a big impact on the live music club scene. Nearly all the great live music venues I used to patronize on the East Coast like CBGB's and the Cafeteria in New York & the Rat, the Channel and Cantone's in Boston have been closed down usually to make way for upscale real estate development plans. Since the heyday of punk scene, many of larger Americian cities have passed zoning laws that make it very difficult for rock music clubs to get a cabaret and/or a liquior license.
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