I've spent more time with the Cormen book so far and only a little with "The Algorithm Design Manual", but have to say I've been disappointed with Cormen and very impressed by the ADM.
I think the Cormen book has a reputation for being more serious, and it does give more in-depth mathematical treatments of the algorithms covered—but honestly, I think it's a mistake to consider it more serious for that reason. There's a time where I would have stopped reading this comment and ordered the Cormen book, but I think it's worthwhile to consider criteria for a book being serious. In the realm of software, I'll argue that the most important measure is how much the book improves your ability to create serious software—and under those conditions, The Algorithm Design Manual takes the prize.
In case there's still ambiguity on what 'serious software' might mean, I'll point out that the ADM is not a recipe book—I'm not trying to say, "practically speaking the algorithm problems in software are solved, you just have to copy and paste the source for the required algorithm." For crafting difficult, original algorithms, I still think ADM will be more useful.