Physical wherever possible in my opinion, because it's often cheaper here in the UK at least, plus I just feel I get more perceived value out of a physical copy somehow (I guess that bit isn't entirely rational), plus it scratches my collector itch (blame pokemon cards!).
Also I can save memory card space for patches and indies (important if you're on a 4GB like me)
Also I know a lot of people say they'd rather have it digital-only than not at all, but when you see some of the stuff NISA and others manage to release physically, I'd argue your game would have to be monumentally niche for it not to be viable to release on card - I guess it could come down to resources and only having a certain capacity for localisation, distribution and advertising, but it isn't like NISA don't have to deal with those things either