Which one do you like more)

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Which one fits you better? Choose that one.

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Thanks for the replies, but I was hoping you may have had experience of both and could make some comparisons/reviews to help my choice.

They're both top of the line bikes, so in short, you can't go wrong with either. What should factor into your decision is as others have mentioned: does one fit you better than the other? Is one spec'd out with the components or wheels you want? Will one be easier to travel with or find spare parts if you need them? Do you like the look of one better than the other? Is the price such that you're getting better value for a comparable build with one than the other? These are all going to be considerations that should steer you in the right direction.

Which one is carried by your favorite LBS so you can get free maintenance?

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also point to note is where do you reace - do you travel with bike frequently? and thus how easy it is to pack the bike - i must say as much as i love my p5 packing it its a PITA; not sure how is the front end of canyon

The Canyon has been designed with triathlon in mind. That means, integrated water bottle, bento box and flat kit storage, as well as a custom behind-the-saddle mount and bottle cage. I'm not sure if it is available to purchase, but they do also have an integrated Garmin mount.

The P5 is nice but has nothing of the above. It was launched in 2012, so designed in a different time. New top-end bikes all have high levels of integration to meet the needs of triathlon (see the P5X for Cervelo's take).

I'd go with the Canyon!

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This is one of the most important things bike designers need to understand. UCI legal frames converted to tri are ok, but we need storage integration. As nice as the P5 is, their are better bikes designed for triathlon.

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The Canyon is UCI legal as well isn't it? I would say that the speedmax was designed w/ equal weightings to UCI compliance and Tri-storage/usefulness. Where as the P5 was designed primarily w/ UCI compliance and outright speed....and the P5X was designed w/ speed and storage/usefulness w/ no consideration for UCI compliance.

From the data someone posted the other day the Cervelo is more aero, but then the Speed Max has its hidden flat kit storage and is probably more aero with a drinks bottle and it's nutrition storage.

The P5 may be more aero as a frameset, but was the tests run with bottles on it and a flat kit? The Trek Speed Concept has a draft box and tested as fast a P5.

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I believe that currently Canyon is only offering the CF 7.0 in the US. Is that even comparable to the P5?

I think even this depends on the rider. (P5 rider here so biased)

Integrated storage is nice in the pictures. But does it work for you in the real world?

For all the bikes in transition with a top tube taped with 20 gels...can it fit that many?!

I ride all liquid nutrition. So BTA, bottle of concentrate behind the saddle and tools. Ideally, would have only one bottle there...so internal storage for a tube and flat kit would be good. But not a deal breaker for me.

If you don't ride with a lot of stuff on your bike, based on the data posted here...the P5 isn't much slower than the P5X and a whole lot cheaper. If you are the kind of athlete who tapes a ton of stuff to your bike and likes to carry four bottles...the p5x would be faster...but I suspect this kind of athlete isn't all that fast so I'm not sure spending all the cash is worth it for a few minutes.

Travel with the P5 is no big deal for me....I use the Scicon aerocomfort tt bag...take the wheels off, wrap the frame in phone tied by shoelaces, and so far...Taiwan to South Africa, Hawaii, Quebec, Penghu, and a few other places...and no issues. 10 minutes to pack and unpack, nothing disassembled. Looking at all the P5s rolling on the big island today...I'd say most have the same travel experience with theirs too.

I would say
1) Fit
2) Support
3) Price

That's how I would choose between these two bikes.

I don't know why you wouldn't consider a Speed Concept. It is pretty much on par with the P5 for aero, it's more adjustable than just about any other bike, it has integrated storage, and entry level price is about 1/2 the P5. In fact TrekbikeSuperstore is selling 2016s for 3000$.

The Canyon has some nice storage, but the most recent Tour magazine test shows it being slower than the P5, the price (if you can get one) isn't great, and support is a DIY endeavor.

^ this.

As much as I like Cervelo, this is something that makes more sense then buying a P5. A cheaper bike with triathlon storage as fast as a P5 is worth the money

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

That's exactly what I was saying - maybe not very well :) . If you raced 10-25 mile TT's the P5 would be the winner but long tri's or long TT's then the Canyon may be the better option.