Subway > McSpermBurger any day.
However it ranges from really good to okay-ish depending which restaurant you go to. My local one rules because the guy in charge knows me and actually puts decent amounts of chicken or whatever on your sub, and the bread is done perfectly, not too dry and crumbly.
Meanwhile the subway in Glasgow (where my University is) is crap, they put precisely the regulation amount (practically none) onto the sub, and the bread is so dry that it almost shatters when you bite into it, they don't recommend sauces that go well with particular fillings or anything.
I still prefer good old pizza hut or a local indian.