Silver Surfer vs. Green Lantern Fight Analysis

Probably the most raw power delivered as we go Cosmic...

For Marvel: Silver Surfer
At his best? He usually is. In this era, he still held a solo series (his longest running by far) and was still being drawn by Ron Lim.
His advantage: Was being written by the fight's writer, Ron Marz. The Power Cosmic has been shown to be most powerful energy in the universe. Centuries of experience.

For DC: Green Lantern (Kyle Rayner)
At his best? In his first year, Kyle was still a rookie at this point.
His advantage: Was ALSO being written by the fight's writer, Ron Marz. And in this case, Marz was his creator, so he probably cancels the Surfer's advantage there, but not the others.

Why this match? The two most prominent "cosmic" heroes of each universe. Of course, it might be a better match had Hal Jordan still been around, but it's the 90s and we're replacing everybody. Just be glad the event didn't feature Electric Superman or Azbats.
Were they Amalgamated? No. The Surfer was amalgamated with the Black Racer (two Kirby creations flying on cosmic sports equipment), appearing in Challengers of the Fantastic #1. While the Green Lantern stuff was amalgamated with Iron Man (Hal as Tony, John as Rhodey), Kyle found himself in something of a threesome with Jade and Frankie Rayner (Nova, so there's a different Herald in play there), with "Jade Nova" really being a Jade/Nova combo, but the name Rayner drawing Kyle in despite himself. She appeared in Dr. Strangefate #1.
What if they fought their Amalgam Buddy? Well, let's imagine it was Kyle vs. Nova instead of the Surfer, I think he'd have had a clearer shot. Her lack of experience, focus on heat (less of an all-arounder), and short temper could have given him an edge. On the flip-side, the Black Racer is death incarnate, but I think the Surfer could still have outraced it. Likely because it's just not the Surfer's time, which would have tied the Racer's poles. 
Better match-ups: I think this is the appropriate cosmic match, and if Kyle had had more experience (replace with any other Green Lantern basically), it would have been a fairer match (if not necessarily as visually interesting). A perhaps better match at this point, then, might be GL vs. Nova, since Nova was straight-up a Green Lantern rip-off, and was a young man (with the New Warriors) more in line with what was being done with Kyle (but perhaps not in the same power bracket).
If DC vs. Marvel had been fought today: It would almost certainly be Hal Jordan in the mix (or possibly John Stewart because of his military background), but not necessarily the Silver Surfer whose star has waned. But can any of the Guardians of the Galaxy really match themselves up against a Green Lantern? Both the Surfer and Nova could still do the trick, but they'd be in trouble.

Play by Play: If there were judges evaluating flair, I think Kyle would have had a better chance.

Unfortunately, what should be a long, dragged out fight between the publishers arguably most powerful heroes ends in seconds when they ram into each other and cause an explosion that knocks Kyle out.

Result: Whie it's interesting that Marz restrained himself and didn't make his baby win (unlike Peter David and Aquaman in the previous issue, some might say - and HAVE said), one could argue, well, they needed to maintain the numbers required to force a draw that would justify the creation of the Amalgam Universe (what with 5 fights being left up to the readers). I might counter by saying that there are other matches that could have gone "either way" and been used to such an effect. BUT, look at the art here. Of all the fights, this is the easiest to fudge. Just leave that last panel blank (or have the artist drawn two versions), and you could easily have had Kyle come out on top if necessary. The Surfer possibly talks for Marz when he says he regrets Kyle's defeat.

Next time: Something of a cat fight.