The King of Winter will live but he will NOT be the Jon Slow we knew and loved. He'll be traumatised, vengeful, suspicious and enraged. The dragon will awaken, an ice dragon. The blue winter rose could be his personal sigil once he finds out about Lyanna.
Better/worse is a matter of subjective opinion and personal morals. Let's be Machiavellian about this. They certainly play different games. I think of LF as a tactician, Varys as a strategist. Both are savant level geniuses at their craft (deception, trickery, subterfuge, spy networks, deceit, misinformation, etc).
I do think there's something "genuine" to Varys' tale about his torture and castration, and his hatred of magicks, just as I believe there is truth to LF's "love" for (creepy obsession with) Catelyn and now Sansa. The best lies contain some truths anyway. You have to sweeten the poison so it goes down easier.
Varys is apparently more cryptic, but that's partly due to the fact that we get slightly less insight into his machinations, thanks to Sansa's POVs in close proximity to Baelish, and various revelations about Petyr's role in the War of the Five Kings. Varys' involvement appears more secretive even when he reveals his motives to, for example, Kevan Lannister. Then again, he constantly refers to the 'Realm' and bringing about 'peace' but in a vague fashion. Counter to that again, we do know (thanks to Arya and then later chapters with Tyrion, Illyrio) about his cross-continent resources and political links; how people can then say his backstory is made up I have no idea – no offence, but this comes across as moronic. The devil is in the details. One can layer truths and lies and weave them into confusing patterns.
But he's still pulling strings everywhere. I personally believe he is even manipulating LF and is more aware of LF than LF is aware of Varys, but knows he cannot confront LF in tactical battles. I believe LF's only weakness is vanity, desire. Varys has no vanity, and his desires are slippery as a snake. Varys' potential weakness might be the sheer scale of his machinations, but frankly, he's so virtuosic, cryptic, and gaming at such a high level that's it's difficult to see exactly when his bluffs occur.
Here are two interesting quotes that I believe summarise the difference between the two:
Maybe they already did. I personally think there are comparatively very few Other beings, their motives many and complex just like people's, and probably not all aligned. It would seem logical, to me at least, that they have at least one White Walker south of the Wall already since we sense that [a] the Wall seems to enhance Fire magic and potentially block Ice magic, and we know that wights are being controlled e.g. the assassination attempt on Mormont.