I'm not sure what listing prices are on eBay now, but when I first started with Etsy it cost .40 per three-month listing, while eBay was sitting at .30 per basic listing up to a week long. I had an eBay store, but the combination of the store subscription fees and final value fees were still much more than I've ever paid on Etsy. Handmade stuff on eBay also tend to get looked over a lot, because they're surrounded by mass-produced stuff -- a lot of it purporting to be handmade as well.
That said -- while I love Etsy and have done some pretty good business on it, it does require more hands-on work than eBay does. With eBay, you can pretty much sit back and watch people bid if you like. Marketing may bring your price higher, but it still tends to sell, more or less. On Etsy, you will need to market yourself, and some attention to keywords when naming your items does help as well.