I will take just about any hot sauce over Tabasco. If a place doesn't have Cholula, they're not a good restaurant (or are a _very_ good restaurant, and don't have hot sauce at all).
If you're comparing only the taste profile of the two, then perhaps, but Cholula is not as hot by comparison, at least to me. Which is why a decent restaurant (US) needs both. I don't like the excessive vinegary taste of tabasco, my work around is to mix it with ketchup on the plate.