mirroring vs logshipping
1) automatic vs manual failover
2) high performance vs compromise on performance
3) highly synchronize vs compromise on synchronisation
4) 3 option available in mirroring for performance vs availability, nothing such in logshipping..
5) In high safety mode mirroring(with or without auto failover), commited transaction are guaranteed to be written on mirror.
Cons :-
1) mirroring not supported in sql 2000 or less
2) your secondary database can be used for reporting purpose(when restoring with standby option)