If you're doing database-driven development, EF has real advantages today.
I've used both LINQ to SQL and EF and worked through the many little frustrations of EF v1.
However, the one thing that made EF v1 win for me is the astonishingly good update from database wizard. Incredibly, this actually works! It may sound trivial, but if you're doing database-first design, you want to rely on tools to create your classes for you and you don't want to have to regenerate your entire model just to make a change.
This alone makes EF v1 my choice. I suggest ignoring the advanced features of EF v1 - it's nowhere near usable yet as the ambitious platform it aims to be.
Put up with the clunkiness of EF v1 and you'll be in the best position for the future.
Pete.