Ultimately theres not a whole lot of difference now. There is very little one can do that the other can't but the out-of-the-box configs tend to differ somewhat.
The most obvious difference is that Oracle uses SEQUENCEs and SQL Server uses auto-increment columns. There are pros and cons to each. Some prefer one over the other.
From my experience doing Top N queries in SQL Server seems a little easier than Oracle.
Out of the box Oracle uses MVCC (uncommitted data is non-blocking to reads by other transactions--the database maintains a consistent view). SQL Server I only discovered recently has this too but it's not the default option and is called something quite different. Transaction isolation level or something.
PL/SQL and T-SQL are reasonably different in syntax in some areas but the concepts are mostly the same.
Personally I found SQL Server management Studio to be OK but horrendous in some areas, like its data import/export just didn't work with auto increment primary keys. This was a known bug going back years on SQL Server 2005. I don't know if they've fixed it in 2008 or not. With PL/SQL Developer (doesn't ship as part of Oracle; it's a separate commercial product) imports and exports were a breeze.
Oracle has an annoying limit on VARCHAR(2) columsn: limited to 4k in length. They're much longer in SQL Server (64k?).
I found the SQL Server security model just bizarre. TCP was disabled by default (Windows authentication only) and then you had to setup a logon and a user? I never quite got that. It just seemed to be to be overly complicated whereas in Oracle its just:
CREATE USER blah IDENTIFIED BY password;
GRANT CONNECT TO blah;
Done (although granting some other privileges/roles like RESOURCE is pretty common).
I never quite figured out the backup/restore from the managemen tstudio. Recover would fail saying someone was connected to the database but that someone was me attempting to run the recover.
And before anyone has a go at me for the above, I realize fully well that many of them stem from my lack of SQL Server experience but honestly theres still a level of consistency (with the abstraction) and portability of concepts that is expected.