One thing to do is, try both free TRIALS from ARC and WIN, and see which one you feel most comfortable with.
Just a thought.
This is pretty much the advice most people will give you, and its valid (along with advice to search the forums since you are the 10,272th person to as this question
. It does not take too long to test drive them but if you don't have time I will make a suggestion since I used both PSREdit and Win500 for quite a while before deciding on Win500. PSREdit did a few things better, like importing from spreadsheets, but WIN500 allows you to make changes to things like lock-outs, delay, etc a little easier (at least the way i do things).
Win500 sold me with a feature that allows you to select channels to record then run the Monitor/Control function of the software and sit back and relax while only the transmissions on the channel(s) you choose to record are saved to the hard drive (in wav format). For example I leave the scanner and computer with WIN500 running all night recording the firecalls.. then in the morning I can listen to the transmissions with no dead air, and in minutes find out what happened overnight.. cool.
(It is a little flaky at time though, sometimes it won't record and I have not fully figured out why. For one thing it seems to need to be in scan mode, so if you want t monitor/record only one channel you need to set up at least one other that wont anything, or at least very little)
BTW is appears to me that PSREdit is being supported and updated more that WIN500. So far Win500 support is OK but who knows that the future holds.
And for the purist out there.. substitute the word object where needed.