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I think offering both is ideal. It's difficult to conclusively say one is better than the other because much of that decision making has to do with the site that's being promoted and the affiliate's preference and/or lifestyle.
For quick cash and lots of it upfront PPS is the way to go. And it's hard to argue against this preference. Once you have your money in your hand that's always a good thing and you don't wait over a period of time for recurrings to kick in.
Recurring is better suited to affiliates that are willing or able to wait to reap the greater cash rewards of recurring members.
Both models have their potential pitfalls so it's really an affiliate's discretion as to which to choose.
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