Software is usually the better option if at all possible, even if hardware gives you more features, due to the simplicity of it.I'm more of a software mod guy myself, but then again I've never really done a hardware mod, but with the recent announcements, I'm curious: does one form of mod provide anything the other can't? Any features? future proofing, etc? Does one excel more than the other in certain aspects?
Though solderless modchips aren't bad either as long as the console is reasonably easy to open without breaking anything.
Modchips that need to be soldered to tiny test points or worse, chip legs, are a high barrier of entry to most people and is why they'll always be much less popular. Even though modding services might be available, those aren't cheap, and there might not be one in your region. And there's always the concern about warranty.