I have worked in both and I like them both for different reasons. If you have a Visting Angels company in your vicinity, I highly, highly recommend working for them, they are amazing. They are a franchise, but the branch where I am is truly wonderful.
Depending on the assisted living facility, it can vary from my experiences. I've worked for Bonaventure, which is a combined assisted living/retirement community. Assisted living is right in the middle of the road between LTC and retirement. Retirement is really, really low key and there is a ton of downtime. Here are some comparisons:
Pros: 8 hour shifts (usually have short shifts that are 4 hours, too), working with other people and lots of residents, opportunity to move up through working as a med tech, supervisors on site to help with any questions.
Cons: You're still working very hard and taking care of many residents with a similar schedule as LTC (shower/help dress/escort to breakfast) but the care is not as near as extensive/intense. Low pay: Bonaventure pays just over minimum wage unless you're a med tech, then you get around $10/hr.
Pros: Basically all of the points that mvm2 made! Home health is awesome as far as basically getting to set your own hours, taking time to get to know your client, and higher pay($10-12). Depending on the company, they may compensate your for driving between clients if it's under an hour between the two. They always compensate for on the job driving.
Cons: There can be a lot of down time and you may be bored, if your client isn't interested in interacting with you.
It can be difficult to get up to full time because hours can be really weird and split up (3 hours with client A, 5 with client B, and 1 with client C.) There can be a lack of communication between you and the office-- basically they hand/send you the care plan, talk to you about the client, and you're on your own in a clients home. I've been in some dangerous (sister using drugs) and unsanitary (cat pee, trash everywhere, ect.) conditions-- but if you talk to the office about it, they can reassign you.
You'll enjoy either one, I'm sure!