Well, I have to disagree with everyone above a little bit and say I think that MSE would be a better choice. The research group I was in for my Masters, my advisor was half time between ChemE and MSE. There were 5 grad students and I was the only MSE of us. Not only did I learn and know pretty much everything that they did, but I could do a whole lot more in a lot more fields.
I also have to disagree with the idea that you should do ChemE for biomaterials. Some of the best reasearch in that field right now is being done by MSE people. Every heard of BioGlass made by Larry Hench...yup a Materials guy.(well ceramic technically I think, but they are pretty close fields)
Right now my research group is doing Biomaterials, Crystallization processes, Fuel Cells, Laser Systems, and Fiberglass. Along with a number of other side projects with everything from fluorescent materials to optics to ultra high temperature materials. So the materials field is just about everywhere. Really think of it this way, if you can touch it...it's material.
By the way, if you are really interested in Biomaterials, guess who runs the Biomaterials Center at UF, the MSE deparment.
Also, salary ranges vary so much by university that it's tough to judge. At both my current and former universities, MSE majors made MORE starting out than ChemE's did.
In the end, I'd have to say you really need to think about what type of work you want to do and where you want to do it. People from both majors can tell you that theirs is the best, but you really need to decide what you want to do, the opportunities are there for both. Also, I would suggest not breaking for a job would be best. It really is difficult to get back once you leave. Maybe as a deciding factor start looking at the two departments at UF for an undergrad research position and use the experience from there to try to decide where you'd like to go.
Also, I've met some of the UF MSE people at a couple of conferences, and they're pretty good.