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I would say Montreal has a better lifestyle in General but as far as climate goes, Toronto is slightly better.
For entertainment is all depends what you mean. If your talking about american/Hollywood entertainment style then Toronto is better but if you are talking about culture, artsy and creativity then Montreal is ahead.
While the cost of living is much better in Montreal, Toronto, up till recently, had better job opportunity and better paid jobs but it is slowly changing.
Toronto is definitively more agressive, business oriented, very energic with a huge cosmopolitan population. On the other hand, Montreal is more laid back, bohemian, leaning towards simpler stuff and even if it is not as multi-ethnic then Toronto i will say that the composition of the ethnic groups is more interesting in Montreal.
The restaurant scene in Montreal is very hard to beat even if one can find goood one's in Toronto.
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