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So basically:

IW: Specialise in FPS games and was formed from guys that made Medal of Honor games. They're very good at what they do due to this specialisation (even though I don't agree with what they've done with the PC version of MW2)

Treyarch: Jack of all trades, produce good quality games from multiple genres and on multiple systems. However, because they haven't specialised, they haven't produced a Call of Duty game of the same caliber as IW have. There is definite improvement between CoD3 and WaW though.