The really cool thing about Victoria and Colwood is that they are so different. Victoria is significantly shorter and quirkier. Colwood, for the most part, is right there in front of you by comparison - it's more of a 'standard' golf course, if that makes any sense.
I think because of some of the quirk (which some golfers don't like), Victoria features more memorable holes than Colwood - you just don't find holes like Victoria's 3rd, 5th, 6th, 7th, 8th and 9th (back to back par 3s), and 14th (the second in Victoria's other set of consecutive one-shot holes) anywhere else in Canada. And, it's almost always windy at Victoria. So, I think there's a greater variety of shots to be played there as a result. There are some good (and unbelievably severe) greens at Colwood, but I think the overall character and variety of the greens at Victoria wins over, too.
Which is the better property for golf? Tough to say, depending what one's after. But, Colwood's much more spacious. Victoria's really too cramped, unfortunately. The routing at Colwood (basically unchanged since 1913) takes advantage of some great spots on that site - the 6th (!), 9th (!), 12th, 14th, and 18th (!) are excellent holes; really good. But, on a beautiful day, there are only a couple courses in Canada featuring anything comparable to playihg the seaside stretch between the 3rd and 10th holes at Victoria. The 2nd, 11th, 12th, 14th, and 18th holes at Victoria are pretty good, too (on the inland side of Beach Drive).
I really enjoy both courses for different reasons.