I own both, would give Baywatch the thumbs-up. GoldenEye kicks my ass continually so that may add to my bias. Also, GE has a weird "virtual multiball" that doesn't actually trap the ball and feed another to the plunger - that is VERY lame.
Baywatch has great modes, and a deep rule set. Multi-ball is a lot of fun with great DMD/playfield "glitter" when accomplished.
-Nate