FPGAs are faster, cheaper, and smaller than ASICs for small applications but ASICs are faster, cheaper, and smaller for large, complex applications due to their ability to be optimized for a specific application. FPGAs consume more power and take less time to design than ASICs which require more complex design processes like floor planning and mask production. For these reasons, FPGAs are better for applications requiring fast design time while ASICs are better for high volume applications seeking maximum optimization of speed, cost, size and power.