I have both and think they largely do different functions. The gathering foot does just that... it gathers as tightly or loosely as you set it up to do with your stitch length etc. The ruffler foot is a scary looking contraption. I just blogged about using it properly for the first time this last weekend (
http://msfineprint.wordpress.com/2008/12/16/so-this-weekends-sewing-wasnt-a-total-loss/). If you have a bernina, they have a nice video tutorial online for using the ruffler. Mine lets you set whether you want a gathered look or a slightly gathered look or a pleated look. There are some adjustments that you will need to make when you use it on different projects, but the time you spend in the beginning practicing on scraps will save you tons of time on projects. The little apron on my blog from this weekend took me all of 20 minutes to do, including cutting fabric.
Rufflers are much more expensive than gathering feet. So if you can only get one, and you can afford the ruffler, I'd go with that since it can gather as well. I like having both then i can use my gathering foot for more delicate and slippy fabrics (like chiffon).