Here is how I see these wheel choices after doing extensive reading over the last few weeks. I won't get into the customer service history as there are just too many variables and opinions on the matter. I'm sure I will miss a few things but, here goes:
Fanatec CSW - PROS: robust construction overall, excellent FFB feel and buttery-smooth operation, great looks / fit / finish, modular design for various purchase options, settings can be changed on the wheel itself, quick release wheel system, multiple pedal purchase options.
CONS: higher cost (about 2x T500RS when comparably configured) but, reasonable considering construction, motors may be vulnerable to overheating at high force settings(seems not be an issue anymore since FW 037), limited wheel options, limited custom wheel / modding options (with more to come soon), FFB not as strong as T500RS(strong enough for Arnie though) but, stronger than Logitech wheels.
ThrustMaster T500RS - PROS: Robust motor with strong & excellent FFB, very fast return-to-center, custom wheel options/mod-able, reasonable price for good all-around FFB wheel, offers more compatibility with consoles, comes with good pedals, FFB way stronger than Logitech wheels.
CONS: mostly plastic construction, some history of fan issues (new version may have upgraded fans?), base is a bit bulky, buttons not very robust, history of "cogging" at higher FFB settings (May also have been improved in new versions?).
Note: the bits about the possible T500RS upgrades are based on one person opening up and inspecting their new wheel. They found what appeared to be a different motor - possibly brush-less, with a bigger fan. This is a recent discovery and has yet to be confirmed but, wheel performance was reported to be smoother than older T500RS models. Again - this is one report based on one person's observations.
In the end, I chose the CSW because of the overall construction. I also feel that if the motors should eventually fail, I can replace them myself and maybe even get upgraded units. I don't require super-strong FFB anyway and I monitor the air temps coming out of the base and lower the forces if I notice them rising. For the most part, the air has been cool coming out of the base but, some cars may induce more FFB to the wheel so it is a good idea to pay attention to the temps and make minor force reductions where needed. Having 5 presets available on the wheel makes this very easy to do as well.