1) Experience/Intelligence/Ingenuity: Hal is more experienced, but his experience comes from the Silver Age of DC. Not to knock the Silver Age but the complexity of villians from that time period was not that large. Kyle has had to deal with much more mentally complex villians than Hal. Kyle's artistic talents allow him to envision much more complex and powerful constructs. I would say they are matched in this category since Kyle's artistry is matched by Hal's exeperience. Not to mention the fact that Hal's ring has artifical intelligence that can help him.
2) Willpower: This aspect of a battle is a big part of this one. Hal was chosen as the successor to Abin Sur because of his incredible willpower. Kyle was chosen by accident (or according to GL: The Power of Ion, he was chosen because of his spirit or whatever). Kyle can be taken down by blindness (See Tower of Babel) becuase of his weak willpower. I am not saying he has weak willpower but I don't think Hal would beleive his abilities were gone because of his blindness. Hal doesn't use a lot of complex constructs but whatever he does use is strong. I am babbling here...Basically Hal is strong than Kyle because he has the willpower.
3) Time and Power limits: Hal's ring will only last 24 hours. I don't know if this means he can do highly energy intensive actions for 24 hours or if he can use it up before the time limit is up. Kyle's ring only needs a recharge after he has used it up. With a heavy battle like this I think they will both have to monitor their power levels. Kyle's ring definitely will last longer than 24 hours in heavy combat. I am basing this on the fact that during the Obsidian Age arc the ring keep his life force alive for millions of years. If it can do that ten it can last a day at full power. Hal's ring would keep fighting until the time was up and then it would stop. His ring does however have that safety mechanism where it puts a force field around him and then travels back to get recharged. I actually don't know exactly what the safety mechanism is but I know the ring keeps a reserve of power to maintain the users life. Kyle could keep fighting and Hal's ring would protect him for a little longer but then it would have to give up. This is because of my rules. Namelt the ones about what they are allowed to carry with them and that the arena is cut off from everywhere else (Except here where I think they still need to be connected to the Central Power Battery). Neither Lantern has their power battery for recharging. When a ring construct shatters it send a pyschic shock bakc to the user. It isn't fatal but it hurts like a bitch. Kyle would just finish Hal off after Hal's ring gives up. Kyle would beat Hal because his ring is more advanced.
Winner: Kyle Rayner