Taurus= You have a 50/50 chance of getting one that will actually be reliable enough for you to bet your life on. You either get one that will give you no troubles, or you get one that you'll need to ship back to Taurus every few months.
S&W= The new Smiths are of better quality than Taurus, however comparing a new Smith to itself made 10-20 years ago you'll see quality was much better years ago. S&W may be more expensive than Taurus but your odds of getting a trouble free gun are much better with Smith.
As far as the warranties, both S&W and Taurus offer lifetime warranties on their products. The only difference is with S&W you do not have to pay for shipping to have it repaired. Speaking of repairs, S&W has a far better repair department than Taurus. With Smith should you have a problem and need repairs you can count on your gun being fixed right the first time, with Taurus there have been numerous reports here on TFL about 2, 3 and even 4 times of having to ship the gun (at the owners expense) back to Taurus for them to finally get it right.
Bottom line, Taurus has the worst customer service, repair department, and half assed quality of the two brands named. If you feel that saving a $100 bucks is worth the roullete wheel bet you will be playing should you decide on Taurus then good luck.