Neither (or both)
For me, neither, really. Rarity (or more appropriately scarcity) affect how I collect, more than what I collect. What I collect is and has been for a while fairly narrowly defined, surprisingly. T207 and pre-war Pirates.
Knowing which ones are mostly likely not to be seen again - in any condition - drives purchasing priority. After that, relative rarity within the set of collecting interest is the deciding factor. This can be either conditional or absolute.
T207's in SGC 70 or above aren't that plentiful, but seem to be showing up a little more often lately... yes, they're out there, but tucked away in collections, but I'd take either of the "Red"'s in (almost) any grade over any common... and similar to what Ron said above - I'm not a big fan of really ugly cards. I own them purely out of necessity (as if we ever really need cards)...
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Mike
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