Taste
Coca-Cola is the original cola, while there isn't a huge difference in taste, Pepsi mirrored their cola after Coke's, being just different enough in taste to not actually be the same drink.
Sweetness
Pepsi tastes sweeter than Coca-Cola, This is the reason why many prefer Pepsi over Coca-Cola in a blind test but prefer Coke when drinking an entire can.
Carbonation
Coca-Cola has more carbonation than Pepsi depending on what region you are in. It was said that depending on where each one was made the amount of carbonation in them will be different therefore proving that neither Coca-Cola nor Pepsi have more carbonation than one another.
Brand War
Both drinks are no longer seen as a beverage but mainly as a brand. Both companies commit heavily to sponsoring outdoor music festivals and even charitable projects in third world countries.