I have to confess, I prefer dubbing, although most of my experience with dubbing is from anime, where the dubbing is easier to do. Some dubbing is bad, admittedly (one of my first experiences with dubbed anime proper was with the Ocean Group's version of Dragonball Z, which wasn't the best, though their later dub of Death Note was much better), but enough is good enough. The acting tends to be a little more subtle on Japanese soundtracks. I just prefer not having to read the subtitles while listening to a Japanese soundtrack. It's surprisingly distracting having the subtitles in one language and the dialogue in another, whereas I have no problem with subtitles and audio in the same language. Weird, eh?
One experience with live-action dubbing that annoyed me was the Takeshi Kitano film of Zatoichi. The translation wasn't bad, but it was done (I think deliberately) as a cheesy dub with more comedic acting, especially for Ichi himself. Lot's of 'r's for 'l's, that sort of thing, at least for Ichi.
The Doctor: There's one thing you never put in a trap, if you're smart, if you value your continued existence, if you have any plans about seeing tomorrow, there's one thing you never, ever put in a trap... Me.
-Doctor Who: The Time of Angels