When comparing Solar 2D (formerly Corona SDK) vs Engine 001 Game Maker, the Slant community recommends Solar 2D (formerly Corona SDK) for most people. In the question“What are the best 2D game engines?” Solar 2D (formerly Corona SDK) is ranked 15th while Engine 001 Game Maker is ranked 62nd.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Very simple to use

Pro Free
Corona SDK is completely free. That includes pro-tier plugins.
Pro Corona Simulator
Corona SDK ships with Corona Simulator, which runs your game/app directly on your PC/Mac and updates every time you make changes.
It provides immediate feedback to your actions, you can see your changes right on the screen, without necessity to make build to device. Getting instant feedback really boosts tenfold prototyping and development speed.

Pro Good documentation and lots of tutorials
Pro Content scaling
It's easy to create a game that looks good on many different sized mobile devices.
Pro Live builds - update builds running on a device automatically
With the live build feature, once you have created a build and installed on a device, you get lightning fast turnaround times because any change on the code or data is updated to the devices running the game (within the local WiFi) immediately. So changes can be tested on the real hardware within a very few seconds.
What's even more impressive, this even works flawless with multiple devices running the game. You have to use it to learn how good of a feature this is while development and even more, while doing QA. Imagine fixing bugs and everyone of your QA team/friends/whoever helps to get your game done, has all changes on his device without doing anything but waiting 5 seconds - outstanding.
Pro Lua syntax
Uses the great and easy-to-learn Lua programming language.
Pro Very comprehensive API
It's very quick to get things up and running with Corona SDK. The API is extensive and while it's not 100% feature-complete with the iOS API, it's close enough that you could create tons of games and never run into a roadblock.
The API docs can be found here.
Pro Amazing learning curve
Corona does not throw photoshop-like madness full of buttons editor. You can go as fast as you want, learning and building game from ground up. Eventually, you'll learn how much corona is doing for you. But to start you don't have to master complex editor software. It's a great tool to learn to start game development if you want to learn how to program and make games. Your experience will be 100% transferable to any other Pro game engine.

Pro Cross-platform desktop and mobile
Corona works on OS X, Windows and Android (including Kindle Fire & Nook).
Pro Marketplace for 3rd party plug-ins

Pro Great community

Pro Ability to call any native (C/C++/Obj-C/Java) library
Pro Completely free
Since Corona SDK became Solar2D, it's completely free, as only some third-party plugins are paid.
Pro Open Source
Since Corona SDK became Solar2D, it's completely open source under MIT license.

Pro Well supported
Pro Light weight
An amazing minimal download size at around 100mb.
Pro Easy to use
Engine 001 allows you to get to making games quicker since you aren't putting allot of time into figuring out complicated interfaces.
Pro Visual scripting
By using pre-build behaviors\actions and more you can 'program' your game by simply 'linking' they in the editor.
Cons
Con Free, but not completely
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
Con New tricks for getting more money
As it doesn't have enough tutorials, and they don't wanna make more, so they just add some new services about one on one help which that cost 40$ for an hour.
Con Windows only
The editor is Windows only, no OSX or Linux versions are planned.
Con 3D features may not be enough for some users
The 3D capabilities of the engine are a bit limited (for today standards), and some of the times you'll need to work around to create something.
Con Not for beginners
Even those few tutorials don't teach you the very basics, and first you must learn the basics somewhere else (the submitted pros are by professional guys).
Con No successful/ good games
Just ask them about games made with this engine and you will see that even if you find some good games, those are mostly simple/small ones.
Con Poor performance
If you want to use more than a few actors/light/events, or you're trying to get a pretty look, you will get a significant drop in frame rates. This is especially true if you want to implement a moving light (something like a flashlight).
Con They don't fix the bugs for you quickly
If you encounter a bug or problem and report that as bug report, it will take about 1 week to get any answer, and if they solve that, the fixed version will just come up with next update for engine which that isn't be soon and no specific time, so maybe you have to wait for one month.
Con Some workflows can be confusing
Sometimes you have to do a time-consuming workaround to just do a simple function.
Con HTML5 export is poor
There are significant drops in frame rate; some bugs that can even ruin your game (also, looks like just run on firefox).
Con No IAP or Ads support
Are you a mobile developer? If so it's good to know that it has export for ios/Android but no support for IAP or Ads.
