I've enjoyed the review, St. Ehlers...as the owner of both I think you did a good job of hitting the high and low points.
There's just two things I would add that really diffrentiate between the two settings:
1)Magic Level: FR is an extremely high magic setting: it's everywhere. To me this is always been a major drawback because magic items tend to lose their uniqueness when they're so commonplace. It's also hard to find a town that doesn't have some sort of high level wizard. Kalamar is pretty magic-neutral. You'll only find a little bit of magic background in the books so it can be a low magic setting, however nothing precludes you from turning it into a high magic setting. Trying to play low magic in the Realms is nigh impossible as the high magic level is so ingrained in the history, myth, and background of the setting. For example, you can't have the Red Wizards as villains AND have magic items be rare.
2) Scope: FR is epic. There are high level NPCs running around everywhere. Adventureres are commonplace and the children of gods roam the lands. In a world of heroes, its hard to see why the PCs are needed sometimes. A good DM can fix this, but if you have players who are FR fanatics they're going to insist that its run canonically (as some players I've had do), which makes it really hard to tone down all the high power. Kalamar is again pretty netural. The highest level NPC you'll see running around is most likely well under 10th level. Most of the NPCs in the book are 8th level or lower.
I find Kalamar to be an easier setting to play in because the book is mainly history and details for a setting which is inherently low magic, low scope. However, it is very easy to increase either of these factors without ruining the flavor too much.
FR is a wonderfully detailed setting, but it's play style is built in and hard to change because it the foundation of the setting. I think that's why FR players get the bad rap of being powergamers. Strange, the 'ole Grey Box (FR 1st ed.) wasn't like this at all...it just kind of evolved into a really high powered game.
Just some thoughts. I've played and ran both settings and both can be fun. Just depends on your tastes.