I'm gonna go with both (though I'm happy with neither, too), because I've seen both done so well (there are exceptions - like xflash's example above, bad look).
Piercings have to be in moderation, and none of that earlobe distorting **** that Janice Griffith does. Tats, everything's in play. Can't deny that Bella Bellz and Christy Mack and Bonnie Rotten and Kleio Valentien, et al, are lustier-seeming whores because of their ink.
Piercings have to be discreet and well-placed. Nothing's hotter than talking to a gorgeous professional women, body built for sin, and noticing after a few seconds that she's got a tiny diamond on the side of her nose. Sexy.
Breanne Benson and her pussy jewelry.