I am biased, as I already own two Schecters. I've tried the ESP LTD basses and I didn't care for them, when I went looking for a 5 string I tried both and thought the Schecter felt better to me. I like the body design of their Stiletto series and they just seem well balanced to me, maybe a little heavy. In the end, I wound up buying a Carvin, though....
I have not been disappointed with my Schecters. They have held up well and they always sound good, and the quality seems pretty nice for the money. The one thing I have found pretty crappy on both of mine is the tone control. Basically, you've got full tone or full mud, not much in between. It's the same on both my Raiden and my Diamond-P, so it's whatever they use.
If given the choice of the two, I'd take the Schecter 10 times out of 10. But that's just my personal preference, nothing more, and is in no way meant to say that LTD's aren't good basses.
Jerry A.K.A. "Thumper"
Schecter Bass Club Member #290
Owner Of A "Basswave" Carvin SB5000
Country Bassist Club #1
Mediocre Bassist Club Member #788
Carvin MB Combo Club Member #3