I can see a massive difference between the two, but I don't want to call one better than the other, because one is more developed and the other works different. So I'll say this: I personally still prefer Blender Render (BI)
Here's why I do.
I've used the same project, creating first a Cycles Render version and then a Blender Render version. Out of the two I like the overall look of the Cycles Render one more, but the capabilities in procedural textures in Blender Render overshadows the quality...
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