Hey friend,
The choice really depends on whether you are seeking a macho bike or one that gives you a better mileage while looking not so macho.
Pulsar is the best of the breed in its class. Has possibly the best pickup in the 150CC class, looks damn good, handles real well and takes the usual pot holes in great style. The mileage is not too bad if you ride at a sedate 40KPH. But I guess you would give it all you can more often than not.
The Caliber115 on the other hand has perhaps best of both worlds. A damn good mileage (a good rider should manage about 65KPL-70KPL), reasonably good looks and a good comfortable ride.
If you have the bucks to spend (and gals to impress), go for the Pulsar (the 180CC for those with lots of moolah); a OK fuel budget calls for the Caliber115 though.
Make it a decision thats your own though. This is my personal opinion, but with a lot of biking behind me, I guess it counts in some circles.