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I purchase the cheaper version. I don't care about owning a disc, in fact I'd rather not as it only takes up room and can be lost. So far this gen, I have bought only one disc (Borderlands THC) because I found it cheaply day one. The only time I will consider a disc is if it is cheaper at least 15-20%.

Starting this gen, I thought I will never buy a disc again. Dollar was fairly low, making the US store significantly cheaper than in EU. Today, $/€ is almost 1:1, so that advantage is gone.
But not only that, we exploited the system to split one game between three people and paid only $20 a game. That was great while it lasted, but system update 2.50 patched that, so that advantage is gone too.

So now, I just wait for a game to hit $30/€25 mark, then buy it whichever happens first (PSN store or online physical store).

I only speak for myself, surely there are arguments for both sides that are valid, but they don't affect me personally. I am not a collector to prefer discs, and I have a good enough flat internet to not care about file sizes.
I still exploit the system to resell digital games, so that also helps me lean towards digital purchases more.
With an added bonus of preloading a game and having it immediately, instead of waiting for a week until it gets shipped to my home.