The face. With effort and persistence, nearly any body type can be changed into one that is deemed hot. But its much harder to fix a face and not to mention, surgery only covers up defects, they'll still be genetically passed on to offspring.
Besides, I prefer waking up next to a woman whose face I can look at pleasantly rather than a hot bod one where I have to gasp out "OMFG WTF have I done?!?!?!?!?!?"
I've always found this question interesting. Most people say face, but I say body for several reasons.
Must people don't realize the amount of hard work it takes to have an athletic body. It takes discipline, dedication, and consistency. You have to put in hours of hard work, and trust me, it isn't always fun.
A nice face is great too, but to me it's not the same. It's not like you earned it. You did nothing to get it. It was just random genetic sequencing. You never really value what you didn't work hard to get.
So do you get what I'm saying? When you earn something, you value it that much more.
I'm not too picky about a female's body. Just don't be bigger than me, and I'm a large-stature guy at 5'10 and 295lbs currently (look at my profile if you so choose)...so a female being bigger than me is almost impossible.
What I am definitely more picky about is the face. It has to be, what I call, "kissable".
As in, I have to be able to look at her in the face and want to kiss her naturally without "forcing myself to do it".
Frankly, more than half of the females meet this requirement. :)
If she's got an average face but a hot body, then that will do. Or if she has got a gorgeous face but an average body that will also do equally for me. But if she had the body of Kelly Brook and the face of Susan Boyle, no way!
A year or two ago I used to mainly look at a girl's face. I started working out recently and now I find myself looking at a girl's body more lol. I'd say its about equal now; if not leaning a little more towards the body.
Face, hands down. I'm not too picky about certain physical features (abs, chest, etc.) like some are, but the body can be worked on and changed with exercise and diet. You're pretty much stuck with your face, aside from plastic surgery.