Elinks or Lynx?
Quoting from A comparison of text-based browsers. This text contains reviews and screen shots of six text-based browsers.
Lynx does a lot of the things elinks does, and does a fairly quick and clean job doing it.
I found only one options page and it is very easy to navigate. In fact, one of the things I liked best about lynx was it’s flat approach to configuration. Everything is right there, and easy to control.
That being said, lynx probably has the most configuration options at the command line of all the six listed here. Looking over the --help list, it seems like just about anything can be turned on or off … even turning things on or off.
Screen-shot of lynx
Screen-shot of elinks
If you're asking which I prefer for a more complete browsing experience, I prefer Elinks. It has tabbed browsing, download/password managing, and tabbed navigation (handy when in a terminal). It also (partially) supports CSS 2.1, (fully) supports frames. It also (partially) supports JavaScript. Not as important, but Elinks supports more protocols than Lynx (I specifically use the Bittorrent protocol).
If you're asking which is more suitable for testing text-only browsers, Lynx is probably more popular, but Elinks is still a great choice here as well.
For comparision look here.