If it comes to a fight, I'd go for CocoaPods purely because the author, Eloy Duran's twitter profile picture has him holding a massive machete. The one written by a local Aus guy is called VendorKit, and is fairly similar in approach.
http://vendorkit.com/. I haven't used either in anger so I can't really comment on which is better. Keith Pitt, who wrote VendorKit is also a Rails dev and wanted something like bundler.
Cocoapods at one stage (maybe still does?) required using MacRuby and mgem, and was a pain to get installed. Eloy was talking about resolving this recently.
The thing I don't really like about either of these approaches is that they concentrate on incorporating source code to be compiled into your project. This is _not_ what you want for Objective C code. In fact, I have so many compiler warnings/errors enabled that most people's code wont compile once I link it in anyway - and with some codebases using ARC and some not, it's a real pain.
The tried and tested way of incorporating multiple dependencies for Objective C is through static libraries (Or dynamic, but they're still not available for iOS). I would like a version of CocoaPods or VendorKit that manages two types of dependencies:
1) a static library with associated public headers. I use a convention of having all static libraries in a single 'lib' directory, with public headers in a directory with the same name as the lib. eg libocmock.a and an OCMock directory next to it. That way, you #import <OCMock/OCMock.h> and you don't have to change any header/library search paths for each new library. The code used in Cocoapods/VendorKit already has the ability to tweak the only settings needed, which would be to link the library by adding '-locmock' to the appropriate targets.
2) an xcode project that builds the static library from 1). This is because you inevitably end up tweaking third party code. As well as linking the library like in 1), it would also need to tweak the workspace to add this project as a target dependency, so that when you tweak the code, it will rebuild the static lib when you build your app.
Or perhaps I haven't looked closely enough at the existing solutions, maybe they do this already? It's been a few months since I've looked.
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cheers,
Stew