This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

When it comes to nonalcoholic beverages, there are two that stand out from all the rest. I'm sure you know the names of the companies behind them -- Coca-Cola (NYSE: KO) and PepsiCo (NYSE: PEP). That's right, it's Coke-versus-Pepsi time! This battle has been waging for a long, long time, and it is as legendary, as ultimate, as the conflict between good and evil. Of course, which one is "good" and which one is "evil" will depend on your taste buds (or, perhaps, the stock you own).

Oddly enough, I'm sort of on both sides. Consider: I own shares in Coke, but when it comes to choosing between Coke and Pepsi, believe it or not, I actually choose the latter! Nothing wrong with that, certainly; after all, you don't invest based solely on what you personally like or don't like. But I will give Pepsi this much -- its soda, simply put, seems a little smoother, a lot sweeter, and it doesn't have an aftertaste. There's something about Coke's flagship beverage that causes a strange taste to linger after its been downed. Maybe it's just me. But, yes, I have to come clean and confess that I do prefer Pepsi over Coke (although, I tell all my friends that Coke is the better-tasting drink, as you can imagine, and promote it whenever the opportunity arises). I should note, though, that all of this is a bit of a moot point, since I mostly eschew sugary soda these days in favor of the dietary counterpart -- on that count, I am most firmly in Coke's camp, as I happily consume Diet Coke exclusively, and cannot stand Diet Pepsi!

So, okay, that sums up my personal biases. But what of the macro issue at large? How has the battle between Coke and Pepsi been playing out? Both companies possess fierce competitive streaks, and the weapons they wield come in the form of advertising campaigns, marketing slogans, and innovative packaging. If you ask me, I think it's kind of a draw between the two when it comes to the quality of their respective marketing strategies when taken in an overall context -- I think Pepsi has put forth a lot of cool ads that speak to the youth, and I believe Coke was lagging the last decade in terms of reaching this demographic.

Still, Coke retains a significant advantage over Pepsi in terms of brand equity, and this is evident even with younger people -- I recently wrote about the Coke brand scoring in a social-networking site survey. Of course, as I mentioned in that piece, many young people in my area seem to reach for the blue Pepsi packaging as opposed to the distinctive, crimson, iconic shape of the famous contoured Coke bottle. Even with Coke's best-of-breed worldwide distribution system, there always was a feeling that the soda wasn't as connected to the kids as it should be given the beverage's long history and famed reputation for being a valued member of the Americana.

But, when it comes to sales of the sodas, obviously Coke is the leader. Google the Coke-Pepsi wars, and you'll likely find articles that support such a statement. It doesn't mean, though, that the Coke brand will always be on top in terms of the most important metric in terms of this discussion. Likewise, it should be noted, that Coke's strength is, in a sense, its weakness, for while Coke pins its hopes to leveraging its shareholder success on the intangible value of the brand equity linked to trademark Coca-Cola (by the way, for those who wish to point out that growth in carbonated beverages has been challenged in recent years and that non-carbonated drinks such as Dasani and Powerade have being do a pretty good amount of the heavy lifting, keep in mind that it is the flagship brand that nevertheless drives everything at the company, and that it helps those other products get placement on supermarket shelves), Pepsi is free to pursue the growth opportunities in its Frito-Lay and Quaker Oats foodstuffs line.

So, who has the upper hand right now in terms of market cap? At the time of this writing, PepsiCo was valued at $110 billion; Coca-Cola's market cap, on the other hand, was near $140 billion. Not bad, considering it doesn't have a snacks business to help out. I think when it comes to brands, both are powerful, and both resonate with the consumer, but in the end, you've got to give Coke the edge here. Pepsi might, at times, be the choice of a new generation, but I think Coke will always be it!

Disclosure: I own shares of Coca-Cola; positions can change at any time.

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