Connectivity: One-to-one connections are made by infrared devices, while Bluetooth devices can form when all the devices have identified themselves to each other. 
Versatility: Bluetooth devices could work together; where as infrared devices need to be specially designed for specific devices.
Range: Class 3 Bluetooth devices works at about 30 feet; while infrared is rated at 3 feet.
Orientation: Infrared devices are direct line-of-sight; where as Bluetooth devices could communicate even in times of separation by obstacles. Security: Bluetooth is less secure than infrared due to the omni directional nature; where as infrared signals could only be intercepted by a device.   _{Your Comment}