[Fichtezc]

There are a ton of resources on this subject which will go into more depth. But basically cedar tends to have more warmth and less headroom while spruce tends to be brighter, more focused and have more headroom. Most fingerstyle guitarists that I know (myself included) prefer a cedar top and usually with rosewood B/S or a rosewood style wood. You couldn't really go wrong with cedar either, I have a small body cedar and my next will be a larger bodied spruce.

http://www.pantheonguitars.com/tonewoods.htm

This is one of the better sites I've found.