This one was difficult for me to choose, as I am a fan of both shows. I knew that Married with Children had allot of fans on this site, and I have been pleasantly surprised to find that Frasier also has quite a few fans on the board.
As far as sheer entertainment value goes, MWC has Frasier beat. The older episodes of Fraiser are great, with the Niles/ Daffney awkward relationship, Frasier and his father's odd couple like relationship, and Fraiser's bumbling love life. However, MWC went strong since the moment it started until the last episode.
The last season of Fraiser, despite circumstances, I didn't enjoy as much as the older episodes. The show didn't fizzle out, but it never reached any new heights. For example, if both these shows were to play a game of golf, MWC would birdie every hole, while Fraiser would be reduced to par's and the occasional bogey towards the end.