I like both.
For SvS, I like being able to sink other players' ships, (I like competition, what can I say? Hehe). The Privateer part seems a
little historically accurate, which I welcome in a pirate game. The need for strategy and a decent, well-planned build is nice, makes SvS more challenging.
I hate when people resort to cheating though...
PvP, I PvP whenever I can. I abide by the unwritten, "No tonics, blades only, jumping permitted" rules unless something else is allowed. It's pretty fun, especially against guildmates and friends, but it's become more difficult thanks to the glitches.