Louis hit harder. Louis should beat him at HW. if he had to train down to sub 200 then we might see Rocky emerge victorious.
Joe appears to hit much more accurately too, which adds to the hardness. Getting hit on the button is worse than getting hit on the shoulder with Marciano's wild swings.
Louis is much better fighter than Marciano. I don't know about punching power, to me it's irrelevant, but I'll give slight edge to Marciano.
Tom Sharkey(I think) was asked to compare Max Baer and Joe Louis's power and he said Baer hit harder but JL was more accurate. I'd suspect RM hits harder but JL's speed and accuracy was better.
Both Guys beat fighters as heavy as 260 pounds! Louis was a better boxer and certianly better schooled. Marciano hit hard for sure and I might give him the edge punch for punch for punch.