Both are relatively the same on the technical side - there are differences, but you can use both to start the VoIP service. Both of them started around the same time to evolve, with H.323 gaining more traction at the start and SIP taking center stage in the last few years.
The main advantages of H.323 are the level of compatibility that it provides in existing video conferencing equipment - something that today cannot be harmonized with SIP, and the fact that it holds back the majority of video conferencing deployments in enterprises.
The main advantages of SIP are a higher ecosystem and dominance in voice calls and PBX systems. And the fact that it is seen as the future of VoIP (at least to some extent).
I also wrote about this in the past in my company blog: http://blog.radvision.com/voipsurvivor/2011/03/24/ask-an-expert-which-protocol-do-you-prefer-sip-or- h323 /
source share