Watercolors or Oils - Which is Better?

I've always wondered why watercolors are the poor country cousin to oils?  Watercolors are not easier to paint than oils and they are more expensive to frame.  I've known oil painters who have said they would not even try watercolors because they are so hard to do  and some who have tried and given up.  Both mediums are beautiful so what will it take to have watercolors gain respect?