As far as the compositions go, I personally like the Requiem more. It is more "serious" in style. It is less "Rutter-like" in the sense that it does not have the "pop" feel that is common in much of his work. The Requiem also contains some VERY lovely melodies (Kyrie eleison, Pie Jesu, The Lord is My Shepherd), and some elegantly understated orchestration. I agree with the other reviewers who believe it is Rutter's best work.
The Magnificat is very upbeat and more popular in feel. It is a joyful piece which brings a smile to my heart.
This recording is an excellent way to experience Rutter's larger works, though a live performance might give you some of the spark that I felt was a bit lacking.
Rutter's Requiem is best described in one word: ethereal. The singing is pure. The piece entitled Pie Jesu, sung by a soprano, is the most stunning musical composition I have heard. This piece brilliantly sums up the pleading nature of the requiem and our hope for a peaceful rest after our earthly lives.
Rutter's Magnificent is also a striking work as well and makes an excellent coupling with the Requiem.
Rutter's Requiem should placed among the great requiems of Mozart, Verdi, Faure, and Durufle.