Given the description of what the two of you would like to do and see, I think you would enjoy both islands, and my advice would be to split your time between Mykonos and Santorini evenly. These two islands are equally "touristy," so I don't think you should give that factor too much weight in arriving at a decision.
But when will you be travelling? That is an important factor that could well influence the advice you would receive here. If you're going to be visiting during the peak tourist season of late July through August, I think you might find Mykonos Town frenetic and overcrowded, and so limiting your visit to just two days at that time might be a good idea (especially if you don't like crowds). If you're travelling outside peak season, though, I think you'll find Mykonos quite comfortable, especially if it's during May, June or September.
Is Mykonos "too trendy" or "trying too hard to be hip?" I wouldn't say so; after all, this island was trendy long before most other destinations. I don't think it's trying to be anything, and I don't think it needs to. Are the architecture and views on Mykonos "far inferior?" Not at all. The scenery on the caldera side of Santorini is absolutely spectacular, but there is great scenery on Mykonos, too. Although the cliffside Santorini villages of Oia, Imerovigli, Firostefani and Fira are stunning to see, Mykonos Town has its own scenic appeal with its picturesque harbour setting. I am sure you will find yourselves snapping pictures constantly on both islands. Is there too much partying on Mykonos? No. It has a reputation for being a party island, and many people think that means the entire island is throbbing with ear-splitting music and people dancing and drinking in the streets. Although Mykonos Town and some of the beaches do get quite festive, and produce a pronounced party vibe in peak season, the party scene is easy to avoid if you're not interested in it, and there is plenty of opportunity to find places to chill and relax.
You will enjoy Mykonos for exploring back streets and shopping -- getting lost in the maze of narrow streets and alleyways in Mykonos Town is all part of its fun and charm. You can easily shop (and browse) until you drop; stores range from countless kitschy souvenir shops to high-end designer boutiques and everything in between. Dining opportunities are vast, also. And Mykonos is famous for its beaches; Psarou, Platis Gialos, Paradise and Super Paradise are but a few of the major beaches at which you could relax with a cocktail and enjoy the sunshine and views.
In terms of feeling or vibe, Mykonos has a terrific buzz and vitality, and not just in the bars and nightclubs. It's very alive and cosmopolitan, and it's great for people watching. We find the "feeling" on Santorini to be far more romantic, by comparison, and much more mellow -- sort of what you'd expect from a destination that draws a lot of honeymooners and couples to view the sunsets and breathtaking scenery.
In terms of activities/things to do, Santorini has a bit of an edge because it has a few key attractions that Mykonos doesn't: wineries and a volcano island. On the other hand, Mykonos has excursions to Delos island and great beaches. But there is plenty to see and do on both islands, both have great sunsets, and I don't think you would get bored on either.
Our personal travel activities/preferences are very similar to your own: dining, drinks, shop browsing, galleries, hiking, exploring village streets, relaxing, beaches and photography. We always enjoy going back to Mykonos precisely because it offers everything we like to do on a vacation. For a first-time visit to Mykonos, I think three days/nights would pass quickly; anything less, in my opinion, would be too rushed.
I know you've already seen plenty of photos of each island, but here are links to online albums of some of our favourite photos.
For Mykonos pics: travel.webshots.com/album/570502937hDzGoE…
For Santorini photos: travel.webshots.com/album/570295191oMBYYx…