Well, this isn't based on much experience with either brand, but I prefer Aussie. One of their gels that I think was discontinued (what was the name??) was a holy grail for me for years. Their products smell strong (except the Foam and Leave-In doesn't) but the smell isn't bad.
V05 on the other hand, the smells of the Moisture Milks conditioners makes me want to vomit. I don't find v05 conditioners to be moisturizing enough for anything other than Cowash. I haven't tried their styling products, other than their original hairdressing. Years ago I used to use that oily stuff when I'd straighten my hair and I liked it, but I bet it's got petroleum in it so I wouldn't use it now.
"It is wrong to use moral means to preserve immoral ends." MLK, Jr.