This post by Dennis Jones about the Bajan Kadooment festival this year is interesting, specially in what it says about the similarities and differences between the two.Here's an excerpt:

We spent some time over the weekend arguing about the cultural content of Kadooment compared to Junkanoo (see link), which is a similar street event that takes place in The Bahamas (principally, in Nassau) over the Christmas and New Year period. I think every one of the Caribbean countries has strong feelings about its main people-in-the-streets event, whether Carnival, Kadooment, or Junaknoo or whatever. A lot of effort and energy is put in by all involved. In Barbados and Trinidad, for instance, costumes are mainly made for the performers to buy and wear. In The Bahamas, most performers spend a good amount of time making their own costumes (see picture of performer in Nassau).Each event has its own cultural richness, which comes from what people put into their part of the event (participating on the street or supporting from the side). It's funny, though, that the events seem to be mired in some sort of controvery each year, wherver they are held. In Nassau, one of the major controversies each year is about the judging. The festivals are also developing. Junkanoo costumes are essentially paper (now crepe) and card. Traditionalists may still feel that the event has good very far from its origins by moving from fringed newspaper, to now include beads, glitter, and feathers. If the style is to have costumes made for sale, so be it; this may give more people a chance to do what they want rather than finding scarce time to do another activity. It also creates another industry and that could be a benefit down the road (so to speak) when one thinks about ways of marketing the region's culture. Both events are now very colourful and energetic, and still manage to get a lot of people out of their homes to watch or jump each year. Junkanoo is also different in that the bands have their own music (with drums, horns and cow bells, which give the parade a very different kind of energy as the bands pass the crowds).