Telescope specifications, what will I be able to see?

Both telescopes will allow you to see the moons of Jupiter and the rings on Saturn plus a few deep sky objects such as the Orion Nebula, the Andromeda Galaxy and say the Globular Cluster in Hercules but remember: the better telescope to use for planetary observation is going to be the refractor because it will give you better resolution to see planetary detail. The better scope for deep sky objects will be the reflector because of better light gathering power. One bit of advice I can give you is that the telescope sizes you quote are a little too small to be really useful to the amateur astronomer. I recommend the following as minimum sizes: refractor 80mm dia; reflector 150mm dia. These do not sound much bigger than the sizes you stated but in term of optical surface area they will make a difference. Pricewise they will be more expensive but I think you will be glad you paid more. Consider alternative brands such as Meade and Vixon. I bought a 8" Celestron Schmidt-Cegrain a few years ago and I was never happy with the quality of the optics. Probably the best recommendation you can get will be from your local astronomy society. These people will have the latest gen on equipment and some societies lend out telescopes too, some fairly large. If you are considering a reflector for casual observation, consider a Dobsonian for best mix of size x price. Finally, always make sure the mount and tripod are as rock stable as possible. Good telescopes are useless if (like me) they wobble.