I like both places, but am partial to Lubbock because it is larger and has a little more to offer. I think Lubbock does have a little bit of an edge in the job market thanks a few significant new developments, most notably the Lubbock Business Park on the city's north side. Amarillo has a transcontinental interstate (I-40) running through town east to west.
Some other differences:
Lubbock: three universities (you already know one of them), music reputation, rock-and-roll roots, more centrally located, steady population increase, strong convention city, business and financial hub in West Texas, improving freeway network and infrastructure, three wineries, cotton farming, airport recently renamed for former Texas governor, prairie dogs, abundant sunshine

, water supply comes from nearby aquifer, lots of revitalization downtown and near Tech, conversion of old Reese AFB into a technology center, minor league hockey, windmills, horizontal traffic signals, and dust storms. But they don't have a zoo.
Amarillo: strong livestock and ranching business, Palo Duro Canyon, loop is not at freeway grade (with a couple of exceptions), moderate population gains, most snow in Texas in the winter, historic Route 66

, vertical traffic signals (although that's slowly changing with the rest of the state), a certain 72-ounce steak, immediate transcontinental interstate connections, minor league baseball, airport recently renamed for a native son who perished in the 2003 Challenger explosion, good tourist city. They
do have a zoo.
Economically and culturally, I'll give the edge to Lubbock.
