As a Test batsman, VVS Laxman>Mark Waugh, but only because of Waugh's decline towards the end. Both have inconsistent records with regards to countries - for a competent player of spin, Waugh's average against India and particularly Sri Lanka, seems unflattering. However, he was relatively consistent with regards to home and away average. He also averaged around 40-45 against most of the other countries, whilst profiting against England. This indicates his talent, which was countered by lapses in concentration and, apparently, temperament (he suffered more from a lack of confidence than most others, according to his twin). If those issues weren't such a factor, he could've scored more heavily in most places than he actually did.
VVS Laxman's record strikes one as being a little odd. He has scored heavily against Australia, but has not done so against South Africa, Sri Lanka, England (being harsh) and even the minnows. Like Waugh, his home and away record is consistent. I have heard that his temperament isn't that strong and he does have weaknesses against a well-aimed body ball and also the off-cutter (as Brett Lee and Stuart Clark exposed). Maybe this is why he hasn't been able to become the great that his talent would demand.
In Waugh's favour, though, he was a capable medium-pace bowler (and a passable offspinner) and one of the great slip fielders.
I would also not hesistate to pick Waugh>Laxman in my ODI side every time. I'm going for Waugh, rather than wimping out like I did with Greg Chappell/Viv Richards.