Between the two, I like the Big Shot better. The big shot will cut everything that the cuttlebug will cut and more. I am a Stampin' Up demo and we sell the big shot so we have a lot of exclusive dies and folders available.
The big shot will cut most nesties except the grande ones. It will cut all the embossing folders I have found!
The big shot is a manual machine. I like the big shot more than my cricut. Just for ease of use! I use my cricut but I would say I use my big shot 2x more!
There is a way you can make your own embossing folders- google it, there are several youtube videos on it. I have never tried it.
There is no machine at this time that has 12X12 embossing folders out. The big shot pro is the only machine that might eventually have them. I have the pro as well, but honestly it mostly sits on my shelf. It weighs 44 pounds by itself...yes, 44 pounds!!! It is a HUGE HEAVY machine. The embossing folders were supposed to be available by now but are yet unavailable, make me think they are not going to be available anytime soon.
The big shot is a great buy!