Question:
How can algorithms with an adjustable work factor be better or worse than each other?
Answer:
They can't be. They each provide an arbitrary amount of work (or entropy if you want to look at it that way) to a non-ideal key (e.g. a password).
Moreover, any discussion of 'how much is enough' is a guess. How powerful the system used to brute force your keys will be is unknown.
I've read things like 'adjust it until it takes 0.5 seconds on your computer'. That makes sense if and only if your key can only be attacked on that same machine, which is probably seldom the case.
The rule of thumb is that it should be as expensive as you can make it (weighing user experience, operating costs, etc) and that more is better than less. There is no definite level of security provided by these algorithms (or families of) and their relative value can't be easily compared.
Scrypt is an exception as it can use an arbitrary amount of memory, which adds a dimension to the cost added.
Having said that, unless you're actually using these for what they were intended (deriving keys) and encrypting something then you're probably adding little actual security to your users' lives.
I would consider this topic firmly in the realm of security theater. There's entirely too much handwringing about hashing passwords and entirely too little about encrypting user information or providing anonymity (where appropriate).
I think we'd all be better off putting notices on signup pages that say "please don't reuse passwords" and spending more time on other more important security issues.
Better, where we can we should move to zero-knowledge, bad-password tolerant protocols like SRP and bypass this issue entirely.