I'd like to vote for both. Different horses for different courses.
A circle track, where cubic inches are limited by rules or traction and less weight is worth it's weight in horsepower, Small blocks do rule. Where you have no cubic inch limitations, Big blocks come into their own.
I think the reason we have these debates is us car guys think with our hearts instead of our minds. That's why there are Chevy guys, Ford guys, Mopar guys, and now even Import guys.
My heart still says put a Hemi in everything.