D_C,
It's hard to say which is better all around. I use both, but it depends on the situation.
I use liquid solvent cements (Tamiya extra thin, Tenax) with capillary action whenever I want the seam to disappear. Fuselage halves, wing halves, are a good example of this. The capillary action technique really lends itself to hiding the seam.
If the seem does not need to disappear, I use Testors cement in a black bottle with the applicator. (This glue is underrated, IMHO). Pilot seat, control stick, some wing to fuselage joints, are good examples of when I use this stuff. This stuff is thicker and gives me some working time to make sure I can get proper alignment. Obviously, the higher viscosity of this glue means capillary action won't work. I just apply the glue to one part, not both. I apply this stuff sparingly because it will ooze out too much if I don't. (In fact, I don't use the needle applicator--it applies too much glue).
I have no idea which one makes a stronger bond. Both have solvents that fuse plastic together, but the thicker stuff in the black bottle also has a solid binder. I once used the black bottle cement to glue a fiddly bit on a Sherman tank (looks like a pair of tiny wings on the back of the turret, not sure what those things are called). I decided to model a different version and so had to remove the bits. I had a devil of a time doing so. I grabbed it, pulled it, twisted it. The thing wouldn't come off. Usually fiddly bits will just "ping" right off with a flick of a finger (usually accidentally). But these things were holding on tenaciously! This stuff is surprisingly strong!
Chris