I have tried both. I think that article submission seems to work much better as a mens to get the most exposure to your own unique content and therefore drive quality traffic to your site.
I dont think that search engine submissions work very well. I suppose if you have the time to find a high quality search engine then submit your website. But to spend hours on end applying to every search engine that exists may not be worht the efforts.
I think Google is getting more wise to this link farms and is constantly using them against you when it comes to the
PR. However,
PR is not the most important thing.
I think with the article submission people are more likely to come across your article in search of information that they are specifically looking for, this inturn brings them to your website since you can include your bio and URL.
Also people who have think that your content is worhty will use your articles as blog posts or for content on their website, great way to build some backlinks on a related site.
My vote: Article Submission!