Bit holder or hex chuck?
Both are good and functional. It probably boils down to preference, at the end of the day.

Bit holder:

+uses cheaper 1" bits

+over time, you'll probably acquire bit sets that include a bunch of 1" bits, so there's a good place to use them

+for obscure bit sizes, like Torx 15, you probably won't bother getting long ones, so this is what you'll need 

+you'll occasionally need to stick the 1" bit directly in the nose (because of a lack of room), so having short bits around is useful

-bit holders that aren't 'impact ready' can break in time. For a couple of bucks, you'll replace it. Eventually, you'll lose your mind and buy something like a Wera Rapidaptor for $25 or so. 

-a tiny bit more wobbly than a direct bit

Impact-ready bits:

+a little bigger and harder to lose in your pockets

+if you buy 3" long ones, they'll interchange with your Picquic screwdriver

+(edited in, following comments) a longer bit will sometimes let you get into a tight spot or sink a screw more deeply than the bit holder

-a little more expensive, and heartbreaking when they break. (And they will. At the least convenient time possible.)