Out of the two which is the better choice; Magic resistence or spell absorbtion? I've read the wiki facts on the two abilities and Im still having trouble deciding between the two to focus on. Wanted to hear some real experiences from fellow players.

Really depends on what your playstyle is. Spell Absorption is better for mages (or any type of caster) as it allows you to recharge your Magicka without resorting to potions and the like. Magic Resistance is good enough for pure-ish fighters/stealth specialists.

I don't like the fact that spell absorbtion is a chance to absorb an incoming spell rather than a percentage of the spell's effect. I don't like taking chances. Also, there is a bug, apparently, with spell absorbtion that prevents you from summoning atronachs/dremora.

I love absorption but this bugs annoys the hell out of me. Especially since I use summons a lot.

Getting your Magic Resistance to the cap makes you very powerful against casters. With only 70% Magic Resistance as a Vampire who is weak to fire, I take very little damage even from a Dragon screaming fire all over me. So it can be OP.