ng-show
The ngShow directive shows or hides the given HTML element based on the expression provided to the ngShow attribute. The element is shown or hidden by removing or adding the .ng-hide CSS class onto the element. (reference)
ng-if
The ngIf directive removes or recreates a portion of the DOM tree based on an {expression}. If the expression assigned to ngIf evaluates to a false value then the element is removed from the DOM, otherwise a clone of the element is reinserted into the DOM. (reference)
Note: When ng-if removes the element it also removes the associated scope for that element and it get recreated when condition turns true.
Advantage
I prefer the use of ng-if specifically when number of watchers bound inside the element is more as it would completely destroy the scope so making the UI a bit faster. But for small elements or elements containing less watchers does cost overhead of removing scope and recreating it.