I've had a 4.0 cherokee in my family for 12 years up until last year so I can give a good comparison. The simple fact is, they are very similar.
The power, the kick down, the sound on start up is pretty much equal.
The blazer has no fake wood like my dads did, but has a much nicer, rounder dash IMO.
The radio on the Jeep lasted longer as this one could do with a better lot of speakers.
The gearbox I would say was equal in qualities, for instance, I have driven both around Exmoor and both seemed the same.
I think all round, the Blazer looks better on a 'vehicle for every day use around town etc'', where as a Cherokee looks better parked on the edge of a cliff posing in a rugged manor.
The Blazer has a larger boot as it has no stupid spare wheel inside, it's underneath where it should be and iirc the Blazer is galvanised so the lack of rust issue is a big bonus.
MPG they are the same.
The seats IMO are more comfy in the Blazer, but that might just be my opinion, what is correct, is the back seats in the Blazer are far more accessible than they are in the Jeep as that has smaller back doors.
Hope this helps?