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.