I like gravel but in truth a mix of both. Definitely gravel at chicanes and knadgery corners to at least impose a penalty without need for recourse to the stewards room. Fast corners are a tricky problem but I quite like the idea of a combination to forgive the innocent braking error but with some nice, deep gravel to slow and/or arrest a car out of control at high speed before it slams into a tyre wall.
Having said that, Allan McNish's accident in this years Le Mans 24 hours might have been different if it had just been sliding over tarmac. His car appeared to launch itself as a result of digging into the gravel during its excursion. The incident begs the question of how survivable that would have been for the driver had it been an open topped prototype or an F1 car.
What we do know, for sure, is that the "survival cells" and fuel bladders of current F1 and other top flight racing series cars are the main reasons for the reduction in serious life threatening injuries and fatalities over recent decades.
From an aesthetic point of view the massive tarmac run-offs make circuits look more like airports than race tracks and to me it detracts from the spectacle. Monaco is a perfect example of a circuit that, although the speeds achieved are slower than at other circuits, the cars appear to be moving faster due to the close proximity of the armco's and track-side scenery, inspiring more than the usual awe in drivers skills. Gravel traps at least retain some of a circuits shape and character.
Finally, with regard to motorcycle racing, gravel and tarmac have their adherents for similar reasons. Often the injuries to a rider are inflicted due to the transition from one surface to another during the incident. Even in a high-side situation where the rider is flung into the air the likelihood is that they will land hard on the track surface rather than in the gravel trap or run off area so for them the issue is moot. On the other hand, tarmac run-offs tend to be pretty big so the spectator is a long way away from the action (a problem also I suppose for spectators at F1 events).
So I guess it's a safety versus spectacle versus practicality debate with any solution being something of a compromise as usual.
Hmm, seem to be back where the thread started.