USB 2 is 480mbps, 1394 is 400mbps.

Then again, the next revision of 1394 is also ready to go, at speeds of 800, or I believe up to 1200mbps.

Plus 1394 still maintains the "PC free" type of connection options, where USB 2 still needs a USB host/slave setup. If only the consumer electronics companies would release all their equipment with 1394 ports. Sigh...