To operate I would choose the Volvo. It will kill a 365 in production. To own, I would pick the Cat, mainly for the great dealer support I get from them, and the lousy support I have experienced from Volvo.
I had the 2nd 700 Volvo on the West coast when they came out, and it was comparable with 800/850 class production, and burned much less fuel doing it. My main problem came from poor response from the dealer, even when working 10 minutes from their shop.
The 365 is much slower, but more reliable, and much easier to get parts and service for.