I have done lots of work in both, and PHP is a much better choice!
Why I think so...
Saves you money - PHP + Linux are free, so when you host it somewhere the savings are passed down to you as opposed to ASP which required a Windows OS that is more expensive then free, not by much.
More power - PHP offers hundreds of adventages over ASP with many very useful builtin function like the GD library for on the fly image processing and simple mail function which does not come with ASP by default.
Support - You will find much more code nippets or even complete code samples in PHP vs ASP which also has a bunch.
ASP is a powerful web development language, but I would choose PHP in a heart beat over it.
my 2 cents
PS Please don't start another war of the scripts here
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since Jun 2005