I saw both yesterday and they are REALLY nice. I bought the Viva Glam palette over the 2005 holidays, mostly because I loved the red, faux-croc packaging.
However, these two are gorgeous in their own right and I'm definately buying the lipstick!
I just bought the l/s today. I don't think it's plum-y at all, it looks more reddish brown to me. I think it's quite possibly the most flattering and gorgeous l/s I own now.