So I got some money for Christmas and was looking for a new, relatively cheap metal guitar. Choices are pretty much narrowed down to either an Ibanez RG5EX1 or a Schecter Damien 6. Ive heard a lot of good things about the Ibanez but not as much about the Schecter. Theyre both around $400 from what I've seen. Anyone wanna chime in on which might be the better buy?
The Ibanez has a terrible bridge, the Schecter has terrible pickups. I'd go with the Ibanez and change the bridge and the pickups later.

Have you looked into Jackson?

Edit: On second thoughts, what's the point in changing the bridge and the pickups? Get the Schecter.
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i think ibanez is more metal IMO. but the one your looking at has a crappy tremelo but a thin neck. the schecter has a thicker neck.
Schecter is better
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my overall preference for metal guitars:

ibanez has the xiphos which is a great neck, but pickups arent the greatest, and some people dont like the edge III trem (i dont mind it)

schecter has the Devil Custom, which has EMGs, good neck, and no trem
Ibanez Xiphos XPT700
Laney VH100R
Epi Les Paul (SH-1 '59 neck, SH-11 custom custom bridge)
Ibanez but not that one. Have you looked into either ESP, B.C. Rich, or Jackson? They have great guitars for good prices also.
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I've got a Schecter 007 (discontinued i think) and a Jackson RR3 and have played many a Ibanez. And out of the 3 brands I think Schecter is the best i've played, though that is an opinion like.

What I play most is my Schecter cause its 7 string and in general better quality than the Jackson. Before i had the Schecter i played my Jackson and loved it. So my advice would be to think about Jacksons as well and summary of MY OPINION :

Schecter > Jackson > Ibanez
Another thing to note is the curve of the fret board (radius). I think schecters tend to have a more curved fret board while ibanez's boards are more flat. Higher up the neck doing big bends on a curved fret board can be trickier to play clean because your fingers end up going underneath the strings above it (at least for me), though they are nice for playing chords.
Go pick up an Ibanez RG321(MH) and jam some new pickups in it. You'll pay less than most of your alternatives and have a better sounding guitar.