I own both the 5DII and 1DsII. I use both in tandem, I usually have a 2.8 zoom on the 5DII and fast prime on the 1DsII due to the ISO/sesitivity discrepancy.
If I could only own one I'd take the 5DII. Mostly for it's sensitivity. The 1DsII falls off pretty hard after 800. The 5DII's sensor is much easier to keep clean also.
The colors are slightly different between the 2 but I actually prefer the 1DsII. Something about it is film like to me. The noise is more grain like than the 5DII also.
That said, the 1DsII is much more fun to shoot with. The AF, reduced shutter lag and it's much better spot metering just make it a joy. If you reduce the AF points to 11 you can spot meter with any of them. And, it is accurate. The 1DsII's LCD screen is bad but sometimes that is ok because the metering is so much better. Battery life isn't the greatest even with a new battery. I'd say 5DII can shoot about 2x the shots.