This question has been floating around for a couple years now and most places you'll go to that sell both brands will tell you that for the money, the Noodle is comparible but not better than the Titleist PROV1. The noodle is half the price, just as soft, but does not have as soft of a cover as the 2008 and previous PROV1's had. The soft cover and inner core of the PROV1 provides more spin than the Noodle does and this is why it has an advantage for those people who can shape shots or provide ball spin on command. Due to patent infringement issues and complaints of being too non-durable, the 2009 Titleist PROV1's have a harder cover than the previous years. This helped alleviate the calloway patent infringement as well as complaints from those that pay such high money for a ball that can be damaged by just one bad hit. (scarring the surface of the ball)
If you are looking for a soft feeling golf ball that provides a much cheaper experience than the Titleist PROV1, then the Noodle Soft is a great ball. I have played with both and must say that the noodle does not provide as much spin as the titleist around the greens but on miss-hits off the tee, the lesser spin helps reduce a bad slice. At half the price, I would recommend the Noodles to anyone hoping to save some money on the more expensive Titleist balls, but I would never say that they are better. Hope this helps!