IrishCanadian25
Going on 10 years with WrestleZone

One of the most iconic villains in film history, Jason Voorhees has the unique distinction of being the only slasher I can think of who wasn't even the villain in the original film of the franchise. Despite his late start, Jason has the highest body count of the field by far, and while not always the most creative, he's certainly among the most consistent.
The machete completes the Jason gimmick, though it is far from the only weapon he uses. Only twice in the franchise's history has the machete been successfully turned against Jason; first when Jenny Fields uses it at the end of the 2nd film, and of course when Tommy Jarvis defeated him with it in Final Chapter.
Tommy Jarvis also represented Jason's only true reoccuring protagonist character. Tommy defeats Jason as a young boy in Part 4 (The Final Chapter), battles personal demons and a false Jason in Part 5 (A New Beginning) and defeats his old nemesis a 2nd time in Part 6 (Jason Lives!, which was a take off of the sequel to Eddie and the Cruisers: Eddie Lives!)
Jason's current status is unknown. In his last film, Jason had essentially defeated Freddy in a bloody feud, though Freddy's severed head was far from dead. Despite having gone through 3 "finales" already (Final Chapter, Jason Takes Manhattan, and Jason Goes to Hell), Jason proves he is as unstoppable of a slasher film force as we've ever seen.
VS

Freddy Krueger has the unique distinction of being perhaps the funniest of all the slasher movie villains, with only Chucky truly challenging for that title. In addition, Freddy's knived glove is among the most recognizable horror film props of all time, along side Jason's hockey mask and Leatherface's chainsaw. Freddy's body count is also exceptionally high, and the manner in which he torments his victims prior to killing them shows an incredable style. (i.e. - in Freddy's Dead, giving Carlos the deaf kid a super hearing aid and torturing him with drops of water and pins, before finally scratching his knives on a chalkboard, splitting Carlos' head open. Classic.)
Freddy has relied on his glove more than any other film character has with any other weapon, partially because of how handy it was. Get it? Anyway, similar to Jason's machete, Freddy's glove was rarely turned against him. Only in Dream Warriors (part 3, when Nancy stabs Freddy before Dr. Gordon buries and conscecrates Freddy's remains), Freddy's Dead (Freddy's daughter Katherine impales him with it before blowing him up with a pipe bomb), and Freddy vs Jason (Jason uses it, before beheading him). Freddy's glove is never used as a "final blow."
Freddy has a few reoccuring protagonists in the Nightmare series. Nancy (parts 1, 3, New Nightmare), Kristen (parts 3, 4), and Alice (parts 4, 5). Similar to many slasher film villains, the heros in the Nightmare series are usually female, often described as a nod to the virtuosity of the innocent woman.
One major bonus for Freddy is the fact that the same man had played his role every single time - Robert Englund. While Jason Voorhees and Michael Myers were played by different actors, Englund delivered every Freddy movement and line for all 8 films. Horror fans were furious when Ken Kirzinger, NOT Kane Hodder, was tapped for Freddy vs Jason, since Hodder is often credited by fans as the only one to ever "own" the Jason role.
Freddy's current status is also unknown, and whether a Jason vs Freddy part 2 ever gets completed is also up in the air. A remake of the original Nightmare film is set for 2010, and may not include Englund. Other rumors have included Jason vs Freddy vs Michael, and Jason vs Freddy vs Ashe (Evil Dead).