I agree with all the preceding opinions and I can add my 2 cents.
I do prefere CVI because it is a compiler. That is, I can test in the IDE and debug the whole application easy and with powerful debugging tools, but the final release is an executable which the operator is not able to modify. This guarantees repeteability of testing conditions, which is a must in testing equipments where you have to comply with all quality standards and paper and so on.
To use LabVIEW in this respect, I will have to deal with the application builder, which in my opinion is painful and produces *huge* executables (similar applications I have developed in both environments run from less than 1 MB of EXE and UIRs in CVI vs. 6.5 MB in LabVIEW).
LabVIEW is easier to learn if you are NOT a traditional programmer: if you start from scratch you have a fast learning curve, while if you are accustomed to text programming the transition towards graphical environment can be hard and slow.
Apart from this, LabVIEW is powerful and for a precise choice of NI it is always one step ahead of CVI, so if you need *now* the state of the art LV is a better choice.
There are also some items which till now can only be obtained with LV: among them real-time programming with RT DAQ boards and PDA programming.