I find I can make due with either, my decision point is the UI. The UI that many preset lights use -- click (or turn) to a certain level (either hard-coded or memory-set), then off-on within a certain time to change levels -- that plain doesn't work for me and the way I use lights, so the considerable number of lights that use such a UI aren't on my radar.
But once I get a UI that works for me, I don't much care. I do love my first variable, the Sunwayman, but I'd buy a preset light in a heartbeat if I liked it. Regarding the general arguments one or the other, I find myself not all that finicky. I don't care if the preset level doesn't match *exactly* the amount of light I need, get me anywhere close and I'm happy, so that's not a huge argument for variable for me. And I don't keep mental track of how much time at each level, especially now that I've mostly moved to rechargeables, so that's not an argument for presets for me.