I vote braided! Especially if it's low and to the side a bit. I wish my hair was long enough for that right now, haha. I'm in the process of growing it back out after keeping it around chin/jaw length for years.
I get lots of compliments on my hair, moreso when I straighten it and tie the front/top part back in a ponytail o.O But I'm a guy so this probably doesn't help you at all. I think either can look good on a woman; they're different, not necessarily one better than the other. It's nice to see some hair hanging down in front though, especially if you have a large forehead=P