I had a 2006 Cayenne Turbo for a few years...i recently traded it for the new 2011 which is head and shoulders better than the last generation. In terms of the amenities, believe it or not, the Audi is by far and away a better vehicle. Albeit, if you require ground clearence or more space for gear then i would suggest the cayenne, however the interior look and feel is quite dated on the elder generation cayenne's. Remember that, with the exception of a minor facelift in 2008, it is the same car which debuted in 2005, so the powertrain technology is, and seems a bit rustic when you compare it to the newer cars coming out in 2011. The porsche does corner as well and accelerate as well, or better than the audi, however, you will still be left with an older feeling car.
That said, there are plenty of used cars that seem to age very well and hold there "new" feeling for a decade or more, but as a previous owner of this particular car i can say that this truck does not. The navigation is outdated, the bose stereo is lack luster when compared to the audi B&O, the automatic transmission is clunky and slow to shift, the blue tooth connectivity is spotty and many calls drop while using it, and most importantly, it does not come in a standard transmission.
If i could only choose one, I would have the audi, hands down.
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