VRRP is degfined in RFC 2338 and is a standards based alternative to HSRP which is a Cisco properitary technology. (HSRP is based on RFC 2281)
Also 2 routers running VRRP are configured by default to preempt the current master router if their priorities are greater. In HSRP you have to configure the preempt parameters manually on each router even if you assign higher priority.
Hello timer defaults = 1sec for VRRP and 3secs for HSRP.
In addition to the above post Cisco had given a feature of interface tracking in HSRP to track the interface and bring the HSRP configured interface down once the tracked interface goes down.
Where as AFAIK VRRP lacks this feature.
Also as mentioned in last post HSRP is cisco protocol and VRRP is opn standard.
One of the primary benefits availed by VRRP, in addition to its multi-vendor support, is ICMP (Internet Control Message Protocol) redirect. The ICMP redirect feature allows a default gateway to teach a workstation about an alternative router that is better suited to send packets to the destination. While Cisco has announced that this feature will be added to HSRP, its absence has led to a number of limitations for designers in asymmetric routing configurationsinstances where the two routers servicing the segment have widely diverse remote paths.
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