Depp is the master of characters and NO ONE does it better.
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lol not a chance
Johnny Depp could not possibly do what Tom cruise did in Born on the Fourth of July, Interview with the Vampire, or Minority Report. Depp simply isn’t that good of an actor when most of his famous roles just involve putting on a lot of makeup and acting weird. In which case Cruise could do that any day of the week (tropic thunder)
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This absolutely ^

Johnny has it over Tom. Can you imagine Tom Cruise as Edward Scissorhands, or The Mad Hatter? I can't even imagine him as Captain Jack Sparrow, but I can see Johnny taking over some of Tom's roles quite easily.

No. I think they're equally as good as each other. Tom was vulnerable in Vanilla Sky.
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My sentiments are similar: Deep's more versatile overall, nonetheless he's not the type who could pull off a character like Maverick or Ethan Hunt. Cruise is a movie star in the textbook sense

Tom Cruise always seems like he's playing sone version of Tom Cruise.
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That is a tough call, Depp does have a lot of range, being able to play zany characters or more straight, everyman types. Some of his best work are his subdued performances in Chocolat or Donnie Brasco.
That said, I think Tom Cruise just brings about more raw emotional intensity to acting roles (at least during his peak) that could really pull at the heart strings or make you cry.