There is a new main difference that needs to be accounted for - ServiceStack is no longer free to use as of v4. Since there is a pretty definitive answer on the SS pro's I wanted to throw a couple out for Web API
Web API
Pro's :
- Free to use in your project (provided you have a VS license that allows commercial use)
- Extraordinarily high level of free support available from Microsoft and all over the web, including here on StackOverflow.com.
- Quickly integrates with other Microsoft technology stacks like ASP.NET MVC which is extremely popular in Microsoft shops
- Built in support for RESTful authentication and authorization in your Microsoft stack
Con's :
- Doesn't support SOAP
Ancillary Benefits
(Please feel free to leave comments below adding to why Web API has benefits or has pros / cons I can add)