No grounding wire in an old house?
They are both attempts to solve the same problem, life safety.  A side effect is equipment protection.  

I would say GFCIs are better for life safety, because there are lots of ways to get shocked even with a ground, like dropping a 2-prong hair dryer in the tub... but GFCI puts the kibbosh on most of them. 

Grounding is better for equipment durability, as it helps it deal with static electricity better, and helps power strips dispose of voltage surges.