Subs over dubs though I will occasionally indulge into dubs. Example: Sailor Moon, horrible dubbing but so nostalgic. Though if it is live action, most definitely subs otherwise it is just weird. Anyone ever watched a French dubbed episodes of Friends? It's weird.

I am so used to subs that it doesn't really prevent me from missing anything on screen. Moreover, my biggest pet peeve when watching anything is when the audio and the lips aren't in sync. Even when it is English (it happens sometimes), it irritates me to no ends.

As for anime subbing, I sorta half listen, half read it anyways. Also, I prefer minimal localization because I get most of the general cultural references, or if I don't there's usually TL's anyways. Plus, it is a cultural product, why shouldn't it reflect the cultural milieu it is from? I think it is part in parcel with consuming media from other cultures.