Silverlight Out of Browser technology and WPF ClickOnce on the surface have similarities. Easy and simple deployment, the ability to specify the level of trust access to the
The big one is cross platform compatibility. If you need you app to run on a mac as well as windows (not sure if Silverlight is supported in Linux yet) then use Silverligt. If you want to make an assumption that all your users will be in a windows machine then go WPF.
Obviously WPF has a much richer toolkit than silverlight so it may well be that silverlight just isn't an option. If I was just building for windows though I know my job would be easier in WPF.