I liked Nancy better. Probably because we get to see her journey at two different points: as a teenager and as young adult.
But I'm glad Alice made it through the movie alive. I was worried she'd follow Nancy and Kristen who died in their second movies.
So many stories, so little time.

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Nancy
Glad Alice survived and had a happy ending though.

Alice was a better developed character an more interesting nancy was in the better films also lisa is a better actor her acting in four an 5 is better then heathers in the first an third heathers acting in the third isnt very good an the character dose nothing all she dose is one scene of you guys have powers you should use them lol then she dies in the stupidest way possible new nightmare dosent count she is herself in that until the last few minutes .I will say nancy comes off tougher despite the fact she isnt nancy has a more ill mess you up quality to her lol alice has a femme fatale feel like a tough sexy woman alice is the better character but nancy is the stronger one in terms of toughness

Nancy

Alice. Best final girl in the series

depends on how you see them to me for which one is best lisa character in dream master is better developed an more interesting then anything about nancy in the first but the first is a better movie lisas performance in 4 5 is better then heathers in 3 heathers performance in 1 is about equal to lisa in dream master but lisa in that film is just a more interesting character but in new nightmare heathers performance is the best of the franchise hands down as for better hereo i have to say nancy because she had no power but alice is the better developed character

I love both,
But to me Nancy Thompson is the best of the two here's why.
While Alice certainly did pull plenty of badass fighting moves on Freddy Krueger it was all physical and she used a mirror for him to see evil in himself.Plus Alice gotten help from Amanda Krueger and Jacob.She still is one badass babe.
But let's take a look at Nancy Thompson she didn't punch Freddy or anything of that matter she simply set up booby traps in her house and for the most part used her brain her wit against Freddy even learned that Freddy was a bully and treated him like a bully by ignoring him.Than her appearance in 3 she helped The Dream Warriors find their powers and even selflessly sacrificed her life for Kristen.
Alice defiantly has a stronger character arc but she isn't a stronger character like Nancy Thompson.

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Nancy for sure! She was the original pioneer and had to figure out the situation/villain herself. She had no benefit or advantages. I prefer her (Nancy's) acting as well. That blank, piercing stare Alice does when she is trying to be dramatic is pathetic! lol Plus, on a purely snobbier level, Nancy is prettier.

Love both, but prefer Alice. She actually managed to survive Freddy twice, and was overall a much more defined character IMO.
"Its time to kick ass and chew bubblegum, and I'm all outta gum."- Duke Nukem

I prefer Nancy overall, but Alice was great as well (liked her in part 4 the best though, as I liked her change from a shy wallflower into an ass kicking heroine).
"I've learned our choices always matter to someone, somewhere."- Daud, Killer of the Empress

Nancy for the first film she was in, Alice for the second film she was in.

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This is exactly how I feel.

Alice. Not only is Wilcox a better actor but the character had a better story arc in Dream Master and Dream Child than Nancy did in the original and Dream Warriors. Nancy was the original but Alice was the best and the most successful in defeating Freddy.

IMO Nancy
Prostitute: What the beep are you doing?
Johnny: I'm gonna kill a bunch of people.

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alice

Nancy But I love Alice too and she's my 2nd favorite of the series
Death Awaits (Horror forum)
http://w11.zetaboards.com/Death_Awaits/index/

But you can't discount Nancy; she was the first heroine. Unlike Alice, Nancy didn't have stories and town mythology to research and rely on in her battles against Krueger. With Nancy, everything was based on her own wits, instinct and what was happening at the moment. Nancy always seemed like she was in more immediate danger, and could be killed at any minute if she wasn't careful. Half the time it didn't seem like Alice was in all that much danger because Freddy usually wasn't after her, but was rather using her to get to others.
This is why I like Nancy more, for those exact reasons. Nancy had to go it alone from scratch where Alice had the edge with friends knowing about Freddy - even if Alice didn't believe them at first, that is still an advantage over nothing at all.
I will say that I think both Nancy and Alice were considerably weaker in their second appearances in the series. Both were fierce and a force to be reckoned with at one time, but in their next appearance, I thought they were both weakened and very out of character. Alice only survived that long because Freddy needed her - and even at the end of part 5, Amanda tells Jacob that Alice won't triumph, meaning she would have met her end in round two just like Nancy did.