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Down, because it is warmer, lighter, and more compressible.
the synthetics are nearly as light and compactable as a comparable down bag now
I would like to be proven otherwise, but not in my experience.
My friend has a 0 degree down bag (not hugely expensive one like Western Mountaineering or anything) that compacts to about 1/4 the size of my Wiggy's 0 degree bag.
My Wiggy's was my first and probably last experiment with synthetic. I will still use it, but for winter backpacking, the thing is just too big.
Bottom line, if you bag is getting wet, you are doing something wrong. I learned that a long time ago.
Bottom line, if you bag is getting wet, you are doing something wrong.