If we suspend disbelief then Airwolf wins given it's supersonic speeds, Knight Rider body armour, and ability to carry and fire weapons that would never fit inside the body of the craft
Blue Thunder was way more realistic, but this lended itself more to a one off film than an ongoing TV show (especially given that Airworlf at least looked like a regular helicopter so could blend in/go undercover..I have visions of a helicopter in a hat and dark glasses now)
I really like the film, can't recall much about the TV show. Airwolf I loved at the time, but in hindsight it didn't have the charm of, say, The A-Team. I got a DVD with some episodes on a few years back and have to say you could basically condense the show to two things; the main titles and the dogfight at the end, everything else is kinda poor (with maybe some exceptions, the premise was interesting and I've always liked Borgnine.)
Airwolf has one hell of a cool soundtrack though!