I like it a lot. So much better to be able to hear the arousal in the other person's voice gathering momentum. I haven't done it that often, but I find it somehow quite intimate (ha ha commitmentphobe, anyone?).
I have only viewed a cam once, and it was very hot. I don't want to cam myself, as I would feel too exposed. (I have a phobia about it ending up in the wrong hands - and I also had a stalker when I was younger). But I did feel bad that it wasn't more reciprocal, like I was being too selfish. So maybe phone sex is the better option for me.
I like a mixture between slightly lyrical and dirty that is hard to find though. Although it mostly has to do with the voice.