The Nathan vest is superior in warm/hot weather primarily because I have never had any problems with chafing and it's open mesh makes it cooler to wear.
No problems with the Camelbak chafing during cold weather runs since I'm wearing more layers. I've been using the Camelbak during winter primarily because it has a little more storage capacity (gloves, hat, etc) and the bite valve doesn't leak.
I LOVE the front pockets on the Nathan vest! It's nice to have instant, easy access to a few small items without having to take off the vest.
The Nathan bite valve SUCKS! It is awkward to use and leaks. Constantly. Every run I've done with the Nathan results in water/sports drink dripping out of the bite valve and down the front of my shirt, shorts, and legs. Unfortunately, the drink tubes between the 2 systems are different diameters, so that they cannot be interchanged.
My solution which is so far working wonderfully:
I bought a CamelBak 72 oz Omega™ HydroTanium Replacement Reservoir
Anyhoo, now I've got a vest that doesn't chafe, has front pockets, is light weight, and doesn't leak :)