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I have both (but a 2003 Z06), and the corvette is definitely nicer on the inside, more spacious and has lots more room to haul stuff. The Sky is a lot cheaper to operate (my redline 5M gets 29+MPG on all city driving, and around 31-32 on the highway depending on how fast I go). The insurance is slightly cheaper too (but not much). The main difference is the corvette is much more roomy on the inside.
The main thing I like about the Sky is it is a lot more fun to toss around. I routinely break the back end of the vette loose and scare my self. The Sky has a lot more understeer so it is easier to keep control. The Sky has enough power to be fun and give a nice little push back into the seat, but not enough to be dangerous. That's just my 2 cents.
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