Hi Implodable. I did my degree in Chemistry, but have a strong interest in Physics (hence why I'm on this forum). Firstly, both subjects can be very interesting so which is preferred really depends on the individual.
Physics covers all your usual stuff - quantum mechanics, condensed matter, relativity, etc...have a flick through a course program/syllabus to get a good flavour. Physics at university is very different to high school. There tends to be a lot more mathematics, but you will study thing at a very fundamental level which can be very interesting.
Chemistry is a very broad field that stretches from biology all the way to physics. What you study will depend very much on the course you pick so have a good look at the course program. Basically, you will do organic, inorganic and physical chemistry. Organic entails the chemistry of carbon and hydrogen - ie what we're made of. Basically it involves making useful compounds such as pharmaceuticals, polymers etc. Inorganic is the chemistry of every other element ie transition metals, lanthanides etc. This involves a bit more mathematics (but not that much) and has applications in things like hydrogen storage, superconductors and materials in general.
Physical chemistry is basically just physics but applied to solve chemical problems. It can have quite a lot of math, but it is toned down a bit to cater for the less mathsy audience. But more advanced courses can have a lot of math. Depending on your course, you would do the same fundamental quantum as a physics undergrad. The physics quantum is done in more mathematical rigor and is more general, but the fundamentals are all studied in phys chem as well. You will also do some statistical mechanics (again less than physics, but the same fundamentals) and thermodynamics. Everything will generally have a chemical application, whereas the physics course will be more general.
The benefit of a chemistry degree is it gives you a very good grounding in science in general. For example, it will give you the "toolkit" to understand things from fundamental biochemistry all the way to quantum mech. In fact, most modern chemistry research occurs at these borders, especially the border between bio and chem.
I suggest you look at some course syllabuses and see which you prefer. If you like maths and are a reductionist (like looking at thing at the most fundamental level) do physics. If you like doing experiments (lab work is essential for a chemist) and broader scope look at chemistry. Also, do you want your career to be in the subject you studied? Both will require PhD level education to get anywhere in research. Outside of science, both degrees would be viewed favourably.