I am in the market for a versatile guitar. Something I can play clean or dirty. I have narrowed my decision on two guitars:

Fender Lonestar Strat HSS:

This gives me both humbuckers and single coil pickups, with a tremelo.

Or Schecter Tempest:

I figured since the pickups on the Schecter can be coil tapped, it would give me a lot of sound options.

I really don't want to spend more than $600 or $700.

Can you give me the pros and cons of each?

PS. I have held both guitars and they both feel good in my hands.

schecter is the best in my opinion
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What amp are you playing through? On clean the strat will be more twangy even with the Humbucker. I can't comment on the build quality on either though.

I guess it depends on the exact sounds your after? I like TOM bridges so I'd go with the Schecter. But you can't rule out the strat just yet.

What are you after? Opinions on clean and dirty can vary greatly between people.
the schecter is the more versatile guitar in my opinion, humbuckers coil tapped sound very nice, i like them more over single coils
If you can sacrifice a fret then go with the Fender, but if you cnat then Schecter. There both great guitars!
I can't speak to the Schecter, never having seen one before now. I think the picture looks ugly, but that's a personal issue.

That said a fat strat is one of those classic guitars that everyone should have in their arsenal. Nearly any electric gig can be played with either a fat strat (ideally with a floyd rose) or with a tele.
GMW hot-rod telecaster
GMW soloist
PRS Custom 24
The Illegal Les Paul
Soldano SM-100R
Splawn 4x12

“Life is on the wire…the rest is just waiting” - Papa Wallenda
Substitute the stage for the wire, and he's got it.
I can get you the lonestar strat from guitar center NEW for $420. (Price matching website PM for details)

That is currently the guitar I am saving up for. Every one has been like butter in my hands.
The amp that I have is a Vox Valvetronics VT30. I like to play rock, Rise Against, AC/DC, Chili Peppers. And as cheesy as it may sounds, I like to play childrens music for my daughter (1 year old). I know that a lot of chili pepper music is strat based. But then for the rock I know humbuckers work well.

I am currently leaning toward the Schecter, but there is something about the Strat that just isn't letting me let the idea go.