CE is not a waterdown version. CE's work with comp architecture, while some may focus a bit more on digital circuits and vlsi, while some may even be more software orientated, while some may even do stuff with dsp.
I vote ee because its more versatile and I do it! Though I will be honest with you. In the beginning it seems like CS guys just get more jobs more easily and in more varied fields (every company needs cs guys), and the pay tends to be higher sometimes up to 10k. I think in my school starting salary for cs is around 10K higher than EE. It can be a little frustrating.
On top of it none of your cs friends will be asked in interviews about solid state, emag/ circuits or whatev, but you will definitely be asked programming stuff and often times it will be pretty hard stuff.
I hope in the long term EE will bring some advantages over cs