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WAP-5 towers over a WCAM-2 anyday....it is simply wrong to compare them....
WAP-5 is a relatively mordern loco whilst WCAM-2 is a bit ancient:-
Regardless trying to list the +ves of both the locos.
Categories:-
SPEED:-...
more...

P-5 (No brainer the P-5 is by miles the faster lococ
POWER:- P-5 (With 6000HP starting hauling capacity, the P-5 takes it as well)
RELIABILITY & MAINTAINANCE :- CAM-2 (Not to unfair to the P-5 it is fairly reliable as well....but CAM-2 takes this one)
FLEXIBILITY:- CAM-2 (Not relevant any longer that Mumbai section is now AC-fied but CAM-2 had the ability to go into both DC/AC territory something the P-5 can't boast of)
ECONOMICAL ASPECT:- P-5 (3- phaser locomotive, more efficient....need not say more)
BEAUTY:- P-5 (The White beast takes it CAM-2 aren't really appealing to the eye, atleast not mine)
SERVICE DURATION AND EXPERIENCE:- CAM-2 (Difficult for the P-5 to stand a chance here_
CONTRIBUTION TO IR:- Tie (The CAM-2 was a workhorse loco in and around Mumbai for so many years......hard to beat that.....similarly no loco has paved way for sem-high speed railway implementation like the P-5 has)
FUTURE:- P-5 (P-5 and P-7s are the locos that will take on the majority of IR's workload in the followind decades. CAM-2 will sooner or later be history)
So there is my verdict.......The WAP-5 beats the WCAM-2 5-3 (Quite close yet so far)