I just helped someone install Subtext. After he used it for a day, he sent me this email:

"It looks good. I spent quite a bit of time messing with some of the skins, but it is definitely not as configurable as Wordpress."

Here is how I responded to him. (And after I saw the voluminous response he has elicited, I decided to turn it into this blog post.)
Glad Subtext is working for you. Your blogs are looking good. I see you went with the Marvin3 skin. I use that one on one of my blogs too. What configurability did you find lacking? I’m just curious.

Wordpress is a great platform and it is probably the one every other blogging platform is striving to match. Have you used it before? I almost went with it myself. However, I chose Subtext for my own blog over Wordpress after some comparison. Setting up multiple blogs (on one installation & db) like you have is not something you can do easily with Wordpress. That feature was important for me, and Subtext’s advantage was so strong that this became a deciding factor for me. However, there are a bunch of other things in Subtext’s favor too. For example, I felt that the default editor Subtext uses (FCKEditor) is much better than Wordpress’s default editor. (And if you want to use Live Writer, it works seamlessly with Subtext.) Wordpress also has more trouble handling DST changes, for example, because of its *nix roots. I found a bunch of small things like this (but things that were important to me) that stacked up in Subtext's favor.
The Subtext skinning model should give you the ability to do whatever you want. And for Microsoft people like you or me, we can always open up the solution in Visual Studio and do any customizations we want. That’s something I couldn’t do as easily with Wordpress (because of my own programming skills set). Someone who looked at the Wordpress code told me it was like spaghetti code – I can’t say that’s true, but I did want an open source platform that I could tweak and Subtext meets that criteria very well. The Subtext code is very clean and very well organized. I have contributed a few bug fixes to the project and I enjoy working on the Subtext code because it is adheres to good coding standards.
However, if you ask the Subtext team, they may tell you they don’t believe Subtext matches Wordpress feature-for-feature yet. But the team is making rapid improvements to Subtext -- and it is much closer than it was when I first compared the two products. Phil Haack actually put together this feature list at my request so I could compare Subtext to Wordpress (and others) as listed here (with related article here).
If there are any missing features that are very important to you, you should consider submitting them as feature requests. The Subtext team is a good group of guys who are keeping this project moving forward. They are a powerful reason for choosing Subtext in my opinion. I didn’t base my decision on this because I didn’t know much about the team at the time I chose Subtext. However, now that I know some of them, I am very happy I went with Subtext.
Check out Subtext 1.9.1 in a few weeks. It has some nice new additions for blocking comment spam as well as some other new features.
Anyway, good luck to you with Subtext and I hope it meets all your needs.