I like bits of both. My genres are punk, metal, industrial, etc.
Old school is definitely the winner for punk because it was so raw and uncontrived. Most of what people consider punk these days is very canned with the exception of perhaps Billy Talent and Rise Against.
As for metal, new school wins for me. I didn't like metal before Korn, Deftones, SOAD and RATM. They seemed to bring a bit of what I liked from the hippie era into the present and make it sound really different but still with some recognisable elements. I really got into the Seattle bands and Smashing Pumpkins and Stone Temple Pilots. I also love my Janis Joplin, Led Zeppelin, Jimmy Hendrix, Uriah Heep, etc.
Industrial has stayed basically the same for decades in the sense that there's the more melodic stuff like Stabbing Westward and Machines Of Loving Grace and the harder stuff like The Ministry and if you like Industrial, you like it all!!!!
Wow...I'm wordy tonight!!