I don't even know why I'm replying in this thread, but here's my take. First off, the "Hotness" factor. It is manifestly unfair to compare two women at different age brackets, almost always to the older of the pair. Without going to IMDB and checking birthdates (which are probably wrong anyway), I will say that I've seen Ms. Muldaur looking very hot, check out McCloud reruns and you'll see what I'm talking about. While Ms. McFadden isn't a classic beauty, she did have a knockout figure which was only accentuated by the TNG uniform.
As regard to the characters, Doctor Crusher brought a great deal of compassion to the job and seemed to genuinely care for her patients as people (assuming that they were people, that is), whereas Pulaski seem more the kind of Doctor who hates losing a patient because she hates to lose period.
Again, edge: Crusher.
Let me clarify that I was not comparing the two actresses physically and did not pick one over the other based on that fact. As you have observed McFadden as having a knockout figure; my statement was of a similar nature. I have seen Muldaur's appearances when she was younger as well and have nothing negative to state. I also agree it would not be fair to compare two women in different age brackets. In regards to Pulaski, I believe that there was room for character growth. She was interesting to watch. I believe Crusher would have made a better commanding officer than Pulaski. In regards to the CMO being a failsafe for an unstable captain, Crusher failed miserably in FC. If it wasn't for Lily doing Crusher's job, they would have all been assimilated.