From what I've seen, the Rafale has better range, and is expected to have better air-to-ground performance. Not sure if that range is combat-range...
The Rafale M might be lighter, but its gear is heavier, so I am not sure what else needs to give way for its carrier capability. IMHO the current Rafale Ms flying are as limited in capabilities as the Tranche One Eurofighters, if not more limited.
When comparing the Eurofighter and Rafale it is important to look at which version. Tranche three Eurofighter seem very promising and maybe it will make up for its expected air-to-ground gap when compared to the Rafale. But will it ever come so far with all these budget cuts. Also the Rafale is undergoing staged development Marketed features might not even be scheduled to be developed until 2010+. To compare them in the air-to-air role, it is also highly dependent on the new generation of missiles.
Was it a wise thing to do? Maybe, with the French in it, the Eurofighter project would perhaps be even more delayed. That said, the Rafale isn't beating the Eurofighter time-to-market wise. The unit cost per Rafale might be higher for the French people, than if they would have stuck with the European partners...however maybe the return on investment (by involving mostly French suppliers and manufacturer only) might be better. However for export market, a higher price might not be that good, but so far Eurofighter isn't beating the Rafale on price yet, because the Eurofighter is also very pricey.
Anyway, both parties are losing export sales to US fighter aircraft, besides the maybe more valuable technology transfer or off-set programmes the US can offer, the main reason seems to be (or at least smells like) political... (e.g. Singapore/South Korea)
Although, both have some fierce competition in the export market, I can see some light for the Eurofighter. These are my views, please correct me if I am wrong.
India, the Eurofighter is now also being offered for the MCA 126 aircraft requirement. While Dassault, to my knowledge, still only offers the modernised Mirage 2000-5/9/? not sure which is precisely on offer.
Greece, has always been interested in the Eurofighter, although their recent F-16 orders seemed to take some of its share, they still seem interested. And as greekpilot pointed out, it has some preference over the Rafale. In the mean time, they are also ordering new/upgraded Mirage 2000s, which may form the basis for a future Rafale contract though. I am not sure.
Turkey, although it joined the JSF program, it still has interest in the Typhoon. I suppose the JSF will take too long. I don't think the Rafale will be a strong competitor if a formal tender is launched, although I am worried about Turkey buying more F-16s.
Saudi Arabia, is looking to replace its Tornado fleet, and in the long term F-15. Suadi Arabia might buy US equipment, if the US would open up a bit more. To my understanding, they haven't been happy with their downgraded F-15S. So you might think that Eurofighter has the best chances here, BAE is already heavily present in the country, whereas the number of French aircraft in Saudi service is very low. However recent reports suggest that the French are pretty busy lobbying to sell the Rafale. However the US is desperate for oil, and Saudi Arabia is the biggest producer...so getting good US aircraft should not be that hard, seems unlikely the F/A-22 will be offered, or that the JSF will be on time, so maybe some F-15S+ might be offered, guess then they would prefer some Euro Delta.
Denmark, while likely to become a JSF customer, it still is looking at the Eurofighter, which is probably the preferred alternative.
Norway, expressed big concerns about the JSF program and is not happy about the industrial share offered. I am not sure what the current status is. Anyway, the Eurofighter seems again to be the preferred option.
For all bootstrapped countries, neither the Rafale nor Eurofighter is an option, hopefully Gripen can attract more of these countries beating the US competition.