I'd say Obama is slightly less evil.
Because Obama isn't Dick Cheney. Generally what you want in a Vice President is someone who is jovial, not too bright and not overly ambitious. You want someone who you can send out to entertain the crowds but who discourages your own assassination because no-one wants them to be president and who, themselves, won't be gunning for your job. You don't want an LBJ, for example.
Sarah Palin was two out of three (but she is ambitious), and McCain was too old to pick someone like that for public comfort.
GHW Bush was ambitious and competent and Reagan almost ended up dead, but when GHWB became Bush41 he had Dan Quayle by his side.
However, when Dick Cheney decided to be run for President of the US he chose to let Dubya wear the president hat while he ruled from behind. Dubya was not a good guy, per se. He was willing to do a lot of nasty things to keep up his lifestyle, but the force behind the throne was Dick "Wormtongue" Cheney.
With Bush it was easy to see that Cheney and his neo-con buddies were running the show. It's a little more opaque as to who Obama serves. The financial elite certainly have his ear, and the industrial elite, but that's just normal politics.
What's harder to fathom is what's behind his support of spying and the security state. Is he afraid for his personal safety? If he is looking to use the apparatus to seek out political enemies then he is working in vane because he is going to have to hand on this system to the next president in a few years. Whoever this apparatus is to benefit is some one or something that holds power regardless of presidents.