italian vs. the Spanish (ruy lopez)

1. e4 35 2. Nf3 Nc6 3. ???

which do you like? why? whatre your thoughts on each?

As Black I prefer facing Ruy Lopez.  I'm never comfortable with that Bishop starting out aimed right at my f7 pawn in the Italian, especially with the f3 Knight ready to move to g5 to double up the f7 attack.

As White, I don't really have enough experience to say I do better with one than the other.  With both I feel like I can get myself into a decent starting position and castled within the first few moves.  I don't mind if Black chases my Bishop down to b3 in the Ruy, and once in a while I'll try the exchange and grab his Knight if he plays 3...a6

in the spanish, if he does chase down your bishop yo b3, arent you losing alot of tempo?

I like playing against the Ruy Lopez, because at my level I rarely see anything more than Black trying to stay even. I am sure at a higher level I would see Black trying to gain the initiative more.

no, because they are pawn moves that dont really influence the center or help development (although Bg7 can happen) and white just makes the overextended pawns a target later

in which case, after the pawns chase the bishop to b3, whos position would look beter?

Fritz shows a tiny edge for White after 5. Bb3, but that's probably just the same tiny edge White started out with by going first.  I think the reason retreating the Bishop is such a common line is that it pretty much maintains equity, so neither side minds following those moves.