Plain edge. Every time (Almost)
I hate combo edges, and avoid serrations like the plague other than the scalloped edge on the second blade of my original Swisstool. I find that serrartions on most blades are far too "toothy", they catch in the material I want to cut rather than pass through it however sharp I get them (and I can get them proper scary sharp) The scalloped edge on the Swisstool is a better option in my opinion, but I rarely use it.
OK, so I don't do a lot of cutting of wet ropes, perhaps the serrated edges would be good for that, but generally I find that a PROPERLY sharpened plain edge will cut anything I ask it to, and it's a damned sight easier to re-sharpen when it needs it than a serrated blade.