Neither exit path or colony strike me as particularly original games, but that doesn't make them not amazing, because they are.
Anyways,
Story: Exit path. I liked the ending, and I liked how there was no dialog. Colony isn't really a story-based game. Exit path is also mostly multiplayer, but its story is still better than colony's in my opinion. Colony has good backstory in the pre-loader, but that's pretty much it.
Graphics: I am going to have to say colony. Both games had amazing graphics and visual design, but I think colony is just a bit better in this department.
Audio: Oh man, I have no idea. I've got to say this is a tie. Both games have GREAT background music, and very good sound effects. Both games have audio that suits them perfectly: exit path with its fastpaced and exciting music, and colony with its... I'm not sure how to describe it, but I guess its darker and more dramatic.
Offline gameplay: I split gameplay into two parts because if I didn't , then it would just be too hard. Anyways, exit path wins this in my opinion. Completing for uniplayer records on the leaderboards is a nice challenge. Colony's campaign is nothing to brag about, and the quick play is, I think, only something to be played when you're lagging too much for multiplayer.
Online gameplay: In my opinion, this is completely dependent on the type of player you are. Overall, though, I think Colony's online play is just better made than exit path's, even with glitchers. Exit path only has quick play, and there is no way to play with specific people. You will always be thrown into a game with random people. If you're a casual player who doesn't care who you're playing with, then this won't matter too much. This might not work the same way in colony though, because if you play a random 2v2, then you will be very dependent on your teammate. Since you have no idea of the mental capacity of your teammate, it wouldn't be as good to play random games in colony as it would be in exit path. On the other hand, colony is the only one of the two games where you can even have somewhat organized matches. The friend list system and the multiple chatrooms make friends easier to get in colony, which helps diminish its previous mentioned fault. All in all, I feel that colony's online is better made, but not necessarily more fun, which depends on what type of player you are.
Gameplay mechanics: Another part of gameplay :/ Anyways, I would call this category a tie. Exit path is (I believe) made to be a simple to learn, yet fun game. Colony, being an RTS, is a lot more complicated than exit path. Exit path's momentum and flow systems are very well implemented, and the make the gameplay so much more enjoyable. As for colony, I think the hotkeys and similar things are very well-implemented as well. The governments are also a fine alternative to the races in more major RTS games.
Replay value: This is SO hard to say. Exit path has a LOT more ranks than colony, and it also has uniplayer leaderboards. Colony is a lot more different, because with its friendlists, lobbies, etc, friends are easily made, and even mini-communities as Endscape said. There's a large number of clans, organizations, etc as well. Exit path also has that "ZOMG THIS GAME IS SO QUICK AND FUN IM ADDICTEDDD YAAAAA" type of thing to it. Colony can be somewhat addictive, but not in the same manner. Overall, I would say this is a tie.
OVERALL: I personally feel that, by the smallest of margins, colony is a better game than exit path.
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