Remember, Aloha and Micros (3700 and E7) are very much proven POS systems and have been around for several years. Aloha is currently undergoing a transition (NCR just bought them) and migrating equipment, but they both work very well. As Moregelen said, who is closer to where your business is located? If it's a major city, no big deal but in smaller areas,
whoever is closer would be a major edge, in my opinion.
As far as reports go, it shouldn't be an issue. Both Micros and Aloha by default offer virtually everything you need as is... Custom reports generally would be putting it all one one page or pages with specific information. The companies have access to tons of reports (and if you google reports you could find some too) and most dealers should be familiar enough to make custom ones, as needed. (We have both Aloha and Micros at different locations and never had an issue getting custom reports created... Then again, both POS systems are corporate locations here but I couldn't see a reason a dealer couldn't do it.) Every site we manage has about 4 custom reports also as a FYI, including customizing the primary sales report with specific information.
In regards to the future, both Aloha and Micros have told me (about six months ago at a convention) they are playing with iPads, but the implementation isn't going to be soon by any means. (They do both offer handheld devices, if you are interested...) That said, a traditional POS (in my opinion) is a much better option... Much harder to steal, more durable, less prone to rough employees, and they are very much time testing and work great with non-wireless support for instant transaction processing.
I believe everyone has their own proprietary hardware. We've never had a major issue with either Micros or Aloha in regards to hardware, with the exception of a thermal printer dying after a few years here and there. Both systems are time and user proven and tested to work great in very high traffic environments non-stop (think bars and clubs as the best example) without failing.
As far as credit cards go, theres tons of them... Heartland, Chase, Mercury, First Data, Elavon, just to name a few... You should absolutely shop them around not just for gift cards and loyalty but for the best rate possible, too. (Side Note: Several major merchant processors offer online processing at the same rates, if you have a website, too... Ask!) --- And, keep shopping around every few years for that matter... (And if you want to be "on the edge" there's Google Wallet and stuff like that, but I don't know how they would work with POS...) Stay away from Square; high rates and it's not meant to be compatible with a separate POS system.
Finally, if reporting is your biggest concern, ask about it up front in and have it included in your quote. That way there are no "we need 10 more hours of labor to spend 5 minutes creating a report" surprises at the end of the day. And, ask about support options. The systems are very reliable, but warranties are always a good thing. Finally... don't feel bad getting your Micros and Aloha dealers to compete with each other; they both want your business and you may be able to knock some money off the price!
Good Luck in your decision!