All the Taylors are good guitars. That's what I love about them. Well made, great playablilty.
Martin? Ick, unless you have a lot of money to spend. I have rarely picked up an "affordable" Martin that I liked.
I was originally gonna get a 3 or 4 series Taylor when I went shopping for a good acoustic. I was about to buy a 314. Great feel, good sound. A little bland on the looks, but who cares for the studio?
Then, the salesman brought me this Yamaha guitar... I was like, "yeah, whatever, I'll give it a try." Little by little it sank in. I had already decided to buy the 314 but this guitar was good... Real good. I went back and forth until my fingers hurt (I hadn't played that much guitar at the time). Then I had the salesman play them.
*It's a Yamaha LL500.* Solid Spruce and Solid Indian Rosewood back and sides! The Taylor has a beautiful sound on the lighter side. The Yamaha has a powerful rich sound (probably cuz the rosewood) that's a little fuller.
The LL500 is a no compromises guitar. It's got the craftsmanship and features of the best Martins for less than half the price! Check out
http://www.harmony-central.com/Guitar/Data4/Yamaha/LL500-01.html
I haven't had it that long yet, and have only recoreded it a handful of times, but everytime I hear a playback I'm grinning ear to ear! Mic selection and placement gets me all the sounds I've wanted.
...So, sorry about the long winded reply. I guess I'd say that the Taylors are great and I have nothing bad to say about them. I just liked this guitar more!