Haha. My little circle of friends has two electrical engineers who bring their major-friends around often. All these guys talk about when are at the table is Fourier transforms and digital systems and what not.

I was wrong, obviously. And, of course, there is a little bias. But my point was that you have less flexibility.
The engineers work longer hours but a lot of it is grunt work with labs and all that. I would definitely venture to say that the upper-level science courses are tougher. The math/physics minor requirements are actually quite pleasant (if that is an option).
Both majors are super-interesting.
It is far easier for an EE to get a well-paying job.
This is true for multiple reasons:
a) it is a high paying major anyway. On top of that,
b) it's a purdue engineering degree - it doesn't get much better
Math majors have a bunch of options. They can work in academia (which can be interesting), finance, and insurance. The most lucrative options for math majors are finance(investment banking, trading) and actuarial work. Actuaries work for insurance companies(generally) and, in a nutshell, quantify risk. Purdue has a special program for actuarial science. You get a double major in act. sci. and statistics if you do it. Actuaries have to pass independently administered tests. There are about ten of these for a "fully qualified" actuary but most college students are expected to have done only 2 or 3 by graduation time. Pretty much anyone who passes these tests can work in the actuarial field i.e. you don't need to major in actuarial science. It's SUPER tough to land an investment banking job. Trading is not as bad.
EE's get paid better in most situations. However, their salaries cap earlier. EEs make about 100-105k by the end of their careers. Actuaries hit about 200k. Their salaries also grow faster. Starting salaries are about the same or SLIGHTLY higher for EEs. They say that actuarial work is dull, though. I guess that is highly dependent on the individual.
If you want cutting edge, i'd go with EE again. These guys, esp. at Purdue, do truly marvelous things. The math majors are more into proofs and stuff like that. There isn't too much applied math at the undergrad level apart from in one or two courses. "Cutting edge" to me implied technology which is an EEs bread and butter.
I am an international student so I pretty much need a Masters to get a good job. The plan is to do a Masters in Math (specialization in computational finance). I am looking into trading. I love that kind of thing. It's a very sophisticated application of math. These guys get paid more than nearly all. The people who get into finance who apply knowledge gained using this degree are called "quants". These guys command sky-high salaries. About 120-150k out of grad school.
Another possibility for me is going into operations research (purdue math has a study plan for this too). It is VERY VERY interesting, to me. I absolutely love it. It uses a lot of the stuff you learn while getting the undergrad degree. But the pay is not nearly as much as a quant's pay.
Undergraduate math majors also work as computer scientists. Math and CS are very closely intertwined.
But "developments" and "cutting-edge" are words and phrases which, to me, connote engineering rather than math.
Note: Getting into grad school is tough as it is and it's tough to land a high-paying math job (barring actuarial work) right out of college. With an EE degree, you are pretty much guaranteed a very satisfying first paycheck.
I apologize for the organization of the answer but i hope it helped. If you need anything else, feel free to ask.