http://rijubafna.com/category/ma-economics-entrance/That might help (doubt it's too outdated).
You can go through the past papers, DSE is purely MCQ and a blend of micro, macro, maths, stats, ecotrix.
ISI has more focus on +2 level math for one section of its paper and economics for the rest.
Also, ISI has an interview in addition to the entrance exam. Many people say the interview involves solving the same type of questions as the entrance exam but explaining each step verbally.
I believe preparing for both together is what many people do (other than those who are not interested in MSQE), I suppose you'd just have to revise your +2 math more if you want to try MSQE.
You can get a feel for the exact type of questions by solving them.
There isn't much of a difference in a relative sense though, you won't have to try and study GK or current events in the economy separately with intensity to prepare for interviews or exams or anything of the sort since both the papers lay emphasis on application of theories and wutnot (analytic skills etc).
Of course, you'd probably be better of doing this if you're applying to IGIDR or JNU and such.
In terms of competition,
I believe at DSE about 70ish students from GEN are selected out of something to the tune of 2000? (Total number of students who gave the exam for DSE was approx 2600 most recently, that is including SC/ST/OBC candidates).
I'm not sure about how many people apply to ISI but about 20ish students clear the entrance.
Good luck!
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