Hi Rich,
Both are excellent in their own ways. If it's in your budget, I would invest in both. But if you only get one, then first check out some of Red Giant's tuts on each to see the difference -
http://bit.ly/4uYz.
Here's my brief assessment...
Colorista II will do basic color correction to advanced grading. I like to say it's like Apple Color, only inside FCP/Premiere/After Effects. From skin tone/color isolation to masking, it has some great advanced features.
Looks can do basic correction, but is really just for grading, or creating that final "look." It contains great presets & powerful tools for customizing. I use it on almost every project. However, I'll still do an initial, basic color correction with Colorista Free (a great replacement to the 3-way color corrector in FCP).
Whichever you choose, you won't go wrong :)
Kenny Miracle
Editing & Motion Graphics
http://www.kennymiracle.com
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