This paper presents a comparative performance analysis of multiuser multirelay two-way and one-way amplify-and-forward relaying systems employing opportunistic transmission in the presence of channel estimation error and hardware impairments over Rayleigh fading channels. Considering such a practical scenario, we first deduce instantaneous end-to-end signal-to-noise-plus-distortion-and-error ratios at the end-user terminals. Then, we derive exact closed-form expressions of outage probability (OP) and expected spectral efficiency for both the systems. Further, we obtain simple asymptotic expressions at the high signal-to-noise ratio (SNR) regime, which facilitate the characterization of achievable diversity order of the systems. Thereafter, we validate our derived analytical expressions with the simulation results, which are sufficiently tight across the entire range of SNRs. Eventually, we optimize power allocation in order to minimize OP of the systems. Numerical results reveal the improvement in system outage when power allocation is in accordance with its optimal value. Findings of the paper suggest that full diversity order can be achieved only when the radio frequency front-end hardware is assumed to be perfect, while in practice the imperfections in hardware are inevitable and will reduce system diversity. Moreover, we demonstrate the influence of key parameters on the performance of the systems.