When I was racing, bibs struck me as far superior. They stay put without thought or effort, and they don't bunch up, dig in, etc.

But I haven't been a bike racer in a very long time, and these days I want bike clothes that work well AND look normal when I'm not on the bike. Bibs are a PITA when not on the bike, and I can't think of any good reason to deck myself out in full Lycra "kit" for touring and recreational riding. I've settled on good quality, somewhat loose fitting wool cycling shorts with natural chamois, covered up by whatever decent hiking shorts REI has on sale, and a casual-ish wool "outdoors" shirt - Ibex being my favorite. This stuff lasts forever, doesn't take on any funky smells, works great on the bike, and allows me to be accepted by fellow non-cycling humans when I stop at the market, tourist attraction, etc.

So short version, I guess: if you never get off your bike when touring, bibs are the #1 choice. For everyone else, there are all sorts of useful options out there.