Typically, there are two ways to bring media from one language to another language. One is to subtitle. The other is dubbing. Do you have a preference?
Subtitling allows the original language (and in turn, mood) to remain in tact, while dubbing allows players to take in the visual elements without having to worry about pesky things like reading.
In recent years, dubbing has vastly improved; however, there have been situations in which dubbing has spoiled the vibe of such games as, most notably, the localization of SEGA's first Yakuza game.
An article in The Hollywood Reporter (via AnimeNation) points out that film-wise, many younger Japanese prefer subtitles. However, the poor localization of Modern Warfare 2 into Japanese made many players in The Land of the Rising Sun wishing the game was released with its original English language voice track.
So, what about you? Which do you prefer?