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 shit 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.