Personally I like both those films, though I like My Bloody Valentine a little more because of the dreary coal mine setting and the soundtrack. Both of them are two of the more creative slasher films out there.
"The 21st century is all flash but no substance." ~ Smog City

MBV, the ending of Prowler killed it for me totally ripped F13, but was way lamer. Plus I ended up caring for the main characters in MBV way more. The Prowler in general felt more shallow and flat compared to MBV.

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My Bloody Valentine wins for me. Why? For several reasons:
Better story, better direction, more fleshed-out characters, and the romantic sub-plot matters to the film's climax.
The story in MBV is a more complete, as we're actually clued in later as to why the killer identifies with Harry Warden in adulthood, after seeing his father killed as a boy. He waited 20 years because he grew from a child into a man. 20 year anniversary = noteworthy. Why did Rosemary's Killer wait 35 years? He's now in his 50's. I don't buy 'the longer the better' because he's now starting to decline physically. Never quite explained.
The direction in MBV is more solid. The characters are not award winning but they have touches of personailty: the jokester who snorts soda, the brooding young man who returns to work in the mines, his rival, the girl torn between two men, etc. In The Prowler the characters had less to do, were cardboard and rather aimless, especially the deputy. The chief in MBV at least was acting somewhat rationally.
Subplot(s) in The Prowler go nowhere, as many have stated. In MBV, the love triangle is essential to the story and how it unfolds. The backstory isn't overdone, yet we know enough. The Prowler has a couple dead ends that dilute the film for no reason.
Finally, pacing is important, but in a slasher that's 89 minutes, suspense building needs to be brisk. In MBV we're either seeing characters move things forward or watching the killer do his thing. In The Prowler, it's stalkstalkstalkfalse scarestalkstalkfalse scare. This isn't a 2 hour psychological thriller (which I love, btw). I am not a short-attention spanned gorehound, (original Psycho my all time-favorite) but the setup WITHOUT the payoff happens too often in TP.

My Bloody Valentine
and it isn't even closean all-time slasher, with
The Prowler
being merely an average entry.
http://jmoneyyourhoney.filmaf.com/owned

MBV, while not horrible by any stretch of the imagination, is brought down by some really embarrassing acting and a schmaltzy romance side story. I also found it at times pretty tedious and the bulk of the mine action at the end not nearly as suspenseful as I had previously thought. Pretry disappointing how certain rewatches of old favorites can really let you down over time.
The Prowler on the other hand is the complete opposite. A film I dug but not immensely improved substantially after the 3rd or 4th viewing. In addition to the great Gore it's actually one damn scary film!
Prowler all the way.

I like The Prowler better.

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I absolutely love My Bloody Valentine. I just like The Prowler better. So it's The Prowler.

The Prowler all the way!

"Prowler beats MBV hands down, better gore, better atmosphere, better acting, better everything."
Except for pacing, and screen writing and, well, everything

My Bloody Valentine of course!
Oh gosh is The Prowler a snore.

Prowler beats MBV hands down, better gore, better atmosphere, better acting, better everything.

Look at my name. MY BLOODY VALENTINE!!!!!!!! the Prowler still rocks.

My Bloody Valentine is more fun. It never takes itself too seriously.
"While you were still learning how to spell your name, I was being trained to conquer galaxies!"

MY BLOODY VALENTINE Is My Pick Classic 9 Out Of 10.
THE PROWLER 7 Out Of 10

Damn right!

My vote goes to My Bloody Valentine.

MBV is superior to TP in every way that I can think of. It sodomizes TP with a big ol' rusty pitchfork!

MY BLOODY VALENTINE is a superior film on almost all counts, the only exception being THE PROWLER death scenes are better. The flaws with THE PROWLER are more than shallow characters, it's that the characters seem disjointed form each other, where the characters in MY BLOODY VALENTINE interact naturally like people who knew each other intimately. Both are decent stories and both utilize locations in adding color and depth.
I like them both, but MY BLOODY VALENTINE is a favorite I watch frequently whereas THE PROWLER gets a viewing maybe once a year or so.

while i think MBV is overall a better film, the prowler seemed darker, dirtier, and more intense.. i prefer the prowler, but if i was going to watch a film with friends or at a party, id choose MBV.

MBV is good, much better than I thought it was when I first saw it, but The Prowler is superb, easily one of the best early 80s slashers. I don't really understand the need to compare the two of them, they both stand on their own as really good to excellent examples of the genre, and both should be championed by fans, not compared to see who is the better of the two, they're both good!
You can rest your mind at last, you've resolved the horrors past

I like My Bloody Valentine better

I changed my mind. I saw MBV again and I thought it was great.