I've never seen either, but Rites Of Spring seemed to get a lot of praise from various people I follow and at places I visit. There was a really nice feature on it in The DarkSide magazine. It helped that it was around the £5 mark.
Varsity Blood was from the writer of Bloody Homecoming, Jake Helgren used to post at a, sadly now defunct, slasher forum I posted at, and I find myself compelled to check it out. I hate that it's become a common criticism of modern slashers that just because they don't do anything new, means they're somehow not worthwhile. I love the subgenre, faults and all, the formula works, and I see no issue with a filmmaker choosing to adhere to it, and Jake seems to feel the same way, so I'm looking forward to it.
I'm hit and miss on a lot of modern horror films, often I get more from those films that are respectful of the foundations that have been laid before them, and from what I've read, these seem to be.