It has better processor ("Ivy Bridge" i5, while N5110 has "Sandy Bridge" i7. "Ivy" consumes quite less energy (your notebook would stay up longer without re-charging, mobile Ivy's power saving capabilities are fantastic) than "Sandy", and it has lower work temperatures. You really only need i7 when you want more than two cores and/or "Hyper Threading", but we're talking about mobile here, after all, especially since that "Ivy" i5 has Hyper Threading too), it's memory can be upgraded (unlike Dell), and it has much better video card than the N5110.
Downside is that it has quite mediocre display (not any TN crap, but that TFT aren't the top one either), it's pre-installed Windows 7 are stupid in my opinion ("Basic", aren't that good at all. It really should be AT LEAST "Home Premium". "Basic" can't see more than 4GB of memory, so that upgradable ability is rendered absolutely useless until you install "Home Premium" yourself...meh), and it's battery capacity aren't big enough (6 cells...blah. Really good notebooks/ultrabooks come with AT LEAST 8 cells these days, but that's my IMHO).
All in all...
I'd actually would still go with N5110, simply because it ALREADY has 8GB of memory on board (no need to upgrade), it has one of the best mobile i7s (only "Ivy" i7 would be better, power saving and performance-wise), and it's display is quite better, in my opinion.
[strike]The only real big minus of N5110, in my opinion (maybe for you it wouldn't be a minus at all), is the pre-installed custom OS (looks like it's the "Debian" Linux Distributable, which aren't suited for many games and applications at all), meaning that you'll have to install Windows 7 by yourself later. Maybe I'm mistaken there, I really dunno, because I couldn't find enough info on that particular model, I just assume that.[/strike] Found it: it has "Windows 7 Home Premium" on board, good. Definitely worth getting, I highly recommend it.
It's for you to decide in the end, N5110 or Aspire V3, you would be perfectly fine with any of them, it only depends on your personal preference.
My personal recommendation is N5110, but if in the end you'll decide to buy the Aspire V3, you won't regret it at all, it's good enough too. Both of them are absolutely worth buying.