Bayswater is beautiful and pretty affordable (major pro), but you have to go through a challenging part of town to get to Far Rockaway, and you can feel almost like being isolated at times. It was hit pretty hard by Sandy.
Far Rockaway has many shuls to choose from, several yeshivas for boys and girls of all ages, and is safe walking distance to the Five Towns also. Home values have risen in recent years, and the community is eclectic in its demographic. It would be my first choice of the two.
In both neighborhoods, people DO say Good Shabbos to you, for the most part, or will answer if you say it first. Many young couples have been moving in to Bayswater in recent years, and are very happy there.