I voted sorcery, but it's a close call.

Magic is more versitile, and can generally affect a large group of enemies/allies, while most physical weapons can only strike one opponent at a time. While items can supplement spells, only a few items can affect all enemies/allies at the same time.

Weapons are much faster than spellcasting. And the more powerful the spells, generally, the longer the casting time. Worst of all are enchanted weapons (like the Pearl Lance in FFVI and the Holy Lance in FFT), which do both physical and spell attacks combined, so they take forever to use in combat.

I prefer using physical attacks in most random encounters, while saving my spells for boss fights.