Well, I guess the two of them can be compared to one another, since they both play with the idea of a supernatural, modern, edo-esque warrior theme (ninjas, in the case of Naruto, and samurais, in the case of Bleach) and they also are action-dramas.
Naruto is the neo-DBZ. For standard and beginner anime fans that really holds no meaning, but for people that have seen more than just Evangelion, and have seen several animes that is an insult. Naruto is repeatitive, and has obnoxious fillers all over. On top of that, when things get interesting, Naruto comes in and it no longer becomes attractive.
Is there a situation that doesn't boil down to Naruto? Yes, sure, point out that "Naruto" is the name of the show, but hell, from the moment a seemingly opponent is placed against Naruto you know that no matter how many times Naruto gets his *** kicked, the nine-tailed fox comes out, and he just beats the opponent. And that's that.
I started watching Naruto when it was around episode 25 or so, and dropped it after episode 120-ish after learning my lesson the hard way. Then again, as I explained before, amateurs that know no better can enjoy the show perfectly.
As far as Bleach goes, I'm up to 77, and I must say I fear for its future; I fear it might become the next Naruto. Right now the series is taking a deteour from what appeared to be the main plot that was really getting interesting, but I guess that's unavoidable.
Only time will tell.