IWC

tee530
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You've got the main differences...

...and now as Art said, you have to figure out what are the most important to you, and what potentially is going to bug you in the long run.  I comment below as the owner of a Dornbluth and an IWC, but not the two models you are considering.

Movement: from a practical standpoint, automatic or manual?  Beyond their surface distinctions, the movements arise from very different philosophies.  The IWC is a technical marvel in design and execution, and one of only a few modern automatic movements that I truly admire.  Dornbluth's movements are classically handcrafted in the ebauche tradition.  The Regulator is his most complicated, but still is built from hand-cut parts in his workshop.  No CNC.  I believe the Reg retains only 30% of of the Unitas movement blank.  The finishing is also different.  IWC has very good, albeit machined, finish and polish.  Clean and utilitarian.  Dornbluth does his finishing by hand, and he is not at the level of the independent masters, nor the top houses.  Functionally, I have not heard of very many (if any) tales of Dornbluth mechanical problems.

Cases:  Dornbluth's cases are made regionally.  Perhaps at one point he employed cases from Fricker, but I believe this is no longer the case (heh).  While clean and good looking, this is frankly not a strong point.  They are blocky and lack distinctive design.  IWC gets the nod here.

Dial:  Both do good dials, but Dornbluth is making his own engraved dials for the Regulator, according to traditional methods.  If you're willing to pay more, there is also a true three-part fired enamel dial available.  IWC has great dial designs, but I'd prefer the Dorn.

Service:  I've had good service experiences from both Dirk and IWC.  Dirk has far more customization options, if this is appealing.

Over all, my personal view is complicated.  I love the big IWC Pelleton movement, and if I were more of a collector, or if I had deeper pockets, I would certainly have one.  As it is, I have a 8451B powered IWC and am satisfied.  I love Dornbluth's watches and his philosophy, but the regulators are not my cup of tea.  Tell you what I'd do:  I'd order a custom Dornbluth: the Center Seconds model, but with the power reserve indicator at 12.  Custom silvered dial, blued hands.  I'd skip the applied arabics, but you might think differently.....

regards, Tom