Never been to Acapulco, but recently returned from a first trip to Cabo. LOVED IT, can't wait to go back.
We stayed in 'the sleepy sister town' of San Jose and visited The Cabo a couple times.
From San Jose, we saw a broad cross-section of Baja living, and even got stranded in the dessert by a washed-out road. San Jose had a slower pace, and was much more economical for dining, shopping, etc. If you're into the night life, Cabo would be more your style.
there's lots of road construction in Cabo right now - ok, construction going on EVERYWHERE we went, but, it was more intrusive there since it was roads and sidewalks. San Jose did not have that.