This forms thread doesn't suck cocks, so I'm going to give my serious opinion.
I like kata. Not because I think they're beneficial or anything, I just like them. My favorite is a toss-up between Saifa or Seiyunchin. I'm not gonna win any kata competitions, I just like doing them and I make sure it doesn't get in the way of my conditioning or basics.
But if I had to pick between doing only kata and only bagwork/sparring forever, I'd pick sparring/bagwork. It's only logical.