Even with GoW3 showing more abilities for Kratos, I still say Alucard wins.
He's got the Shield Rod for bringing up high defenses, can heal from blood with Dark Metamorphosis. can turn into poisonous mist, can transform into a wolf for a speed boost, can call for assistance with his familiars, has the cheap ass Crissaegrim which would shred Kratos, and can teleport as well as slow down time.
But Kratos wins if he has
Spoiler:.
hope