I have an opinion on the DA40, but I have not flown an SR22 so I can't comment on that. Other than that, both with regards to price and with regards to capability, they really are in a different league.
The DA40 with the 1.7/135HP thielert that I used to fly (until the club sold it) is a very nice aircraft. A relatively roomy and very logically laid out cockpit that's very comfortable to fly long distances in. Good visibility all around, very economical cruise performance (115 knots IAS on 5 USG of Jet-A per hour). The main drawback is that it is a bit underpowered (the 2.0s/155 HP Thielert or Austro engine should fix that, but I have never flown one of those), which means that it needs a relatively long runway for take-off and that it has less than stellar climb performance. Other, minor, drawbacks are the location of the stick (in your crotch, which together with the tunnel in the center of the cockpit means that anything but the smallest kneeboard interferes with the controls), the long wings (easy to taxi into something, costs more in hangar fees) and the castoring nosewheel/differential braking steering (which is something that most eventually get used to, but is initially more difficult than normal nosewheel steering).
The DA40, at its best, is a fair-weather IFR machine. I don't think it's available in a de-iced or anti-ice version (even though the DA42 is).
As far as I understand, the Cirrus is really a league up from the DA40. Somewhere around double the price, twice the horsepower and 1.5 times the cruise speed. So as a serious go-places machine the Cirrus should be your choice. But for budget leisure flying, mostly VFR with the occasional IFR departure or arrival, the DA40 is hard to beat.
Of course, being new designs, the 2nd hand market for DA40s and SR22s is relatively small at the moment. You can pick up a traditional 30-year old spamcan as a bargain, but those bargains are simply not there when you look for a DA40 or SR22.