The Osprey is less capable than the venerable Chinook
That peaked my interest...
From the engineering standpoint (as an engineer), I really like the Osprey, it's one heck of a neat concept to go from helicopter mode to forward flight airplane mode. This allows the Osprey to go much faster than the Chinook (Hereafter all numbers I present are what I've been able to find for the CH-47D model), or any other helicopter with a 275kt cruise and 340kt maximum speed. (1). This is compared to the Chinook at 170Kt maximum speed (2) and the worlds fastest helicopter, the Westland Lynx at the world record speed of 400 Km/H (3) (roughly 216.5 knots). That was pretty much the main purpose of having the tilt-rotor.. So you can get both the helicopter type flight, as well as faster cruising flight in 'airplane mode'
The Chinook has a service ceiling of 20,000 ft (4) while the Osprey has a maximum service ceiling of 25,000 ft. (5)
The Chinook has a maximum range of about 230 NM with 50,000lbs weight (that's the overall weight of the cargo and airframe)(6) and what I'm led to believe is the unloaded range of 385 NM? (4), the Osprey 220NM with 8,000 lbs cargo, 430NM with 6,000 lbs cargo, 2,100 NM unrefueled and unloaded (7) (this comparison is pretty sketchy and hard to find better numbers for... so see if you can find better numbers...) (edit: several other websites claim 2,100-2,500 NM is the range with one in air re-fueling(1))
Cargo capacity is about 26,000 external for the chinook (3) and 15,000 external for the Osprey (5)
So, judging off these numbers, for pure heavy lift, the Chinook obviously out-does the Osprey, while the Osprey out-does the Chinook in speed and range...
The sole biggest downside to the Osprey, though, is the human cost involved in developing it.. The inherently unstable switch from helicopter to airplane mode is a huge challenge to overcome, and the aircraft already has a bad track record despite all the redundancy and safety mechanisms... That's where I come in as an engineer again and have to say that losing lives for the development of a new type of aircraft is not worth it... Something like the eagle-eye(8), on the other hand is a great way to perfect the technology without risking people's lives...
Now just a note, take all the numbers with a grain of salt.. Different websites sometimes have different numbers, I tried to stay as objective as possible. One thing to note is that performance changes entirely depending on altitude, temperature, type of mission, etc, etc, etc, so it's really hard to get good numbers for comparison. If any of the rotary guys lurking on the board can clarify/elaborate/fix, it would be appreciated.
Edit: All this being said, I also really like the Chinook.. ;P
Also, of interest is this article on the ups and downs of the Osprey program: http://www.wired.com/wired/archive/13.07/osprey.html
Sorry for also jumping around with so many sources, once again, not all websites had all the numbers I was looking for.
(1) http://www.eustis.army.mil/360/Helicopters/V-22.HTM
(2) http://www.rotaryaction.com/history.html
(3) http://www.fas.org/man/dod-101/sys/ac/h-47.htm
(4) http://www.ch47.org/chinook.htm
(5) http://www.globalsecurity.org/military/systems/aircraft/v-22-specs.htm
(6) http://www.globalsecurity.org/military/systems/aircraft/ch-47d-specs.htm
(7) http://www.airforce-technology.com/projects/osprey/specs.html
(8) http://www.fas.org/irp/program/collect/eagle-eye.htm