If I have to pick one, bracelets get the nod every time. They're cost effective, tough, waterproof, can be good looking, can be both dressy and sporty and last forever. I grew up around Rolex jubilees from the 60's and 70's, which aren't particularly tough or well made by today's standards, but never had one let me down. I wear a lot of strap watches, now, mainly for the styling options, and they're almost all very comfortable but none can do everything like a bracelet.
I have to say that modern, solid link bracelets can be inflexible and heavy. If I can't get the size close to perfect, these newer bracelets can be pretty uncomfortable.