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Advantages of PHP over ASP.NET:
- price
- cross platform compatibility
- speed (in some cases)
- plays well with MySQL
- speed of development
Advantages of ASP.NET over PHP:
- versatility (the .NET framework)
- speed (in some other cases)
- plays well with MSSQL
Personally, I much prefer PHP. Its biggest problem, though, is that it has by far the most unqualified developers. Since it's the language of choice for amateur scripters, finding decent programmers will often require lots of time sifting through amateurs.
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