Dunno why this keeps coming up but my friends and I have discussed it a little and came up with the following conclusion(s):
Physics is the the harder degree in terms of the difficulty of the content alone. Quantum Physics, Particle Physics, Gravitational fields, Relativity, Electromagnetism etc etc etc. But my friends and I concluded Engineering was probably a slightly more difficult degree because of the quantity of the amount of work, coursework and group work you have in a very short amount of time.
Really, you can go to and fro, the mathematics in Physics (I'm guessing) is more pure whereas in engineering (I have just finished my degree...) is applied nearly all the way through.
Opinions will vary and to be honest, who really gives a ****? They are both difficult degrees.