I could be wrong here but isn't G10 a resin/glass based synthetic whereas Micarta is either paper/linen based? That said like the folks said functionally Micarta is better in wet enviornments however it will discolor from the oils in your hand etc whereas G10 will not.
Yeah. Sb's got the composition. I'm pretty sure that G10 is a high density fiberglass with phenolic resin. Here's a description from a place that sells it:
"Phenolic is a hard, dense material made by applying heat and pressure to layers of paper or fabric, impregnated with a synthetic resin. These phenolics are approx half the weight of aluminum and their physical toughness resists abrasion, friction, impact, and material fatigue. Special properties fight off the corrosive action of water and many chemicals, increasing the service life and efficiency of your product parts. The insulating qualities of each grade, such as low dissipation factor and excellent dielectric strength, make them valuable for many precise electrical and electronic applications. The strength-to-weight ratio of these phenolics make them ideally suited for countless product parts. They are high in tensile, compressive, flexural, and impact strength and possess good working characteristics. They machine quickly and easily. Grade G-10 is a light green, continuous filament woven glass fabric grade, impregnated with epoxy resin. Has excellent electrical values, possesses low moisture absorption, low dissipation factor, excellent electrical characteristics over a wide range of humidities and temperatures. It will withstand up to 284°F. Moisture absoprtion rate .15%."
Personally, I like the grip of micarta, but the asthetics of G10. Also, I like that G10 doesn't seem to "absorb" oils/moisture as much. While G10 is heavier, overall, I would prefer G10. It all seems to come down to preference.