Depends on whether I am playing Live or On-line, In a Live game I prefer Cash tables because I can get better reads on players, But On-line I prefer Tournaments Purely for the fun of it.
It is always Just for fun On-Line, I can never take the game too seriously because there are too many distractions in my Life, also too many things can go wrong with the Hardware or Internet going down. Live Events however are totally different in that I can go to a Venue, Shut out the outside World and Concentrate on the Game.