I'm not sure about the reliability of Honda vs Subaru, but just in terms of interior quality, comfort, noise insulation etc. Subaru easily lose hands down.
However, in terms of mechanical aspects such as the engine and gear box, I don't think there is much of a reliability issue. I'm driving a near 10 year Subaru and the engine/manual gearbox is still in pretty good condition. Due to the boxer engine design (caveat- I have no idea if the previous owner changed the engine mounts) I totally do not experience any idling vibrations.
The new Subaru has a much nicer interior, and given the current price tag, it seems very value-for-money. Probably the cheapest 2.0L Jap make around?