All things considered equal, I would still say that an electric guitar is a more versatile and flexible instrument than a bass though.
EDIT: Since SMX seems to be a bass player, of course I would have to defer to his opinion on that instrument. However, my point of view as an electric guitar player who owns and occasionally fiddles around with a bass is that if you know how to play a guitar, you can use it to play rhythm guitar in a band or play lead. I don't think it's any coincidence that a band will usually have one rhythm guitarist and at least one lead guitarist but rarely will a band have more than one bassist.
I'm not trying to give the bass guitar a bad rap, but an electric guitar simply has a wider range, plus with its frets being narrower and strings being softer, a person with equal skills on both instruments would be able to navigate and play an electric guitar (with the bends, slides, hammers, pulls and whatever else) with more ease than a bass.