I tried both extensively before I bought and I went with the Timeline because it simply sounded better out of the two to me. Warm, organic, with all the features I need out of a delay. I wish it had an alphanumeric display and was a bit smaller but neither is that big of a deal for me. Both are great pedals, with pros and cons for each.
I've had a Timefactor for about 6 months now and I really love it. The software update really tackled the main gripe people had with it, which was that the vintage and tape modes didn't sound "vintage" and "tape" enough. I think they do now.
I'm planning on rackmounting it soon and using midi to change patches/parameters. It's great to have the versatility and a great sound in one box.
I sold my TimeFactor since it didn't inspire me enough .. I didn't bond with it, I just couldn't. I've been looking for a TimeLine for about a year now, but I've had no luck over here, yet.
I do have to say that I sold my TimeFactor JUST before the latest update, so I can't comment on the improvements, sadly.