Belts:
+lighter (supports higher RPM redline)
+quieter
+less drag
+more robust (no oiling system needed)
+easily adjusted cam timing with new cam gears
+easily upgraded for built engines
+wear does not appreciably increase belt length
- potential catastrophic damage during failure (the one timing belt failure I witnessed was in an interference engine and everything was unharmed, cams tend to settle into the safest resting configuration)
-wear out more quickly
-high likelihood of failure if service interval is ignored
Chain:
+Nearly indefinitely life
+/- up-gradable in some engines
+generally fewer drive parts to service than belt drives
+generally cheaper than belt drives
-wear increases chain length (cam timing slowly moves away from optimum, offset by the use of VVT system potentially, might explain why OEMs are generally moving back to chain)
-louder
-more drag
-heavier
-relies on multiple oil channels (one to lube, one to tension) if there are any oiling system problems the chain is at risk of failing
-potential catastrophic damage during failure, more likely to cause damage because there will be pieces of metal in the oiling system, and I heard that a timing chain bunching up on a timing gear cases a hellacious amount of damage.
There are good technical reasons why belts have been used and continue to be used. There is a real convenience benefit (and maybe cost benefit) to using timing chain.
Take your pick, but one is not automatically better than the other for all situations... except for rotary engines, which have no timing belt, chain, or other nonsense. Clearly it is the superior engine.
Here is another problem though. I still have the Civic I mentioned above. I replaced the timing belt at around 90k. Now the car is 13 years old and has 150k. Do I spend *another* 700 bucks to replace the belt on a car that is only worth maybe 3 or 4 thousand dollars. It still runs and drives perfect, but it seems stupid to spend 20% of the value of the car on a "maintainence" item. OTOH, it is an interference engine, and I dont want to trash the car, since it still runs very well and my wife likes it. And believe me, I have neither the skill or facilities to replace it myself.
Trade it in on a new car, lose way more than $700 in depreciation, increased registration/insurance costs, and sales tax (if applicable), you'll definitely come out ahead!
You'll pay or you'll pay... simply the cost of owning a car. Usually repairing is less expensive than buying a new/newer car when the TCO is considered.