The key differences as far as I can tell are the CPUs and the Graphics cards.
Asus CPU: 4-core 3.4 ghz
Acer CPU: 8-core 3.1 ghz
I'm not sure if the additional 4 cores on the Acer beat out the extra 0.3 ghz that the Asus has.
Asus Graphics: nVidia GT630
Acer Graphics: ATI HD7670
From the research I've done, a lot of people say that the 7670 is really powerful and can handle games like BF3 and Skyrim on ultra settings while the GT630 is really low-end and would probably handle those games on medium. Of course I've also gotten a few sites that say the opposite.
The only reason I haven't fully decided the Acer beats out the Asus because of the price difference is because I've been told by many that Acer is extremely unreliable and are generally poorly built computers.
I'll mainly be using this computer for schoolwork (university) and gaming. Diablo 3/Starcraft 2 will probably be the most performance intensive games I'll be playing. So what are your general opinions? Is Acer's unreliability a myth? Asus more than makes up the price difference?