The way I look at it, on an average day, Ponting is better.
But when both are playing at their best, Lara is in another league from Ponting (against any attack, on any pitch).
It is extremely difficult and frustrating to categorize Lara in any which way.
You can pick several valid examples to support whatever claim you want to make about him.
You can find several examples of him handling 150 kmph deliveries in Test match cricket with absolute authority. Just the amount of time Lara had, to play those deliveries, was so palpable.
On the other hand, you can also find several examples of him looking extremely vulnerable, like a cat on a hit tin roof, totally rushed for time, totally incapable of handling pace.
Because his batting technique involved so much body/arm movement, a lot of 'ifs' and 'whens' have to fall in place for Lara.
But when they did, he was simply in another league to Ponting (against any kind of bowling).
When Lara was physically fit, got his eye in, and in the present moment (all the ifs and whens), his reflexes were insanely quick.
It astonishes me even today how he would consistently face Brett Lee at his fastest, in Test match cricket, with both his feet well outside the crease, and still have plenty of time to play his shots with total control.
No wonder, in his autobio, Brett Lee ranks Lara as one of the two best players of raw pace (the other obviously being Tendulkar), which is very high praise.
In multiple interviews, Waqar and Gillespie too mention the same (they would bowl their best delivery and Lara would play it with ease).
Fast bowlers who bowled to Lara at his best seem to have a very different opinion on his abilities against pace compared to arm-chair analysts or even ex-cricketers who never bowled to him.
Regarding Ponting, maybe it's my subconsicous prejudice, but 'unfortunately' because I grew up watching Viv Richards play, who I still regard as, by far, the best player of pull/hook shots and the best attacking player of hostile pace bowling, I never found Ponting's attacking play against real pace very convincing. While playing the pull/hook against express pace, Ponting's head would often turn away (almost jerk back) before he completed his shot, while Viv's (and even Lara's) head would be very still.
I always felt Ponting's reflexes had a clear upper limit, and he noticeably struggled when fast bowlers went beyond this limit.
But I must add that, anything lower than this limit, the pace bowler would be punished severely.