Sort of a tossup, in my mind, but strictly in evaluating the character of the golf holes themselves, I'd actually lean toward Sawgrass. The final holes at Augusta just aren't as dramatic. Augusta has the two par 5's that fairly invite somebody a few shots back to take a risky play at eagle and that surely makes for great tournament theater.
The question goes a little bit beyond the actual character of the golf holes, however, and invokes the field and, therefore, the event itself. If you're comparing the tournaments, there simply is no comparison. I don't care how great the field is at the Players (it is spectacularly good) and I don't care that the pucker-point shot is at the 17th at the TPC (which is Kafkaesque in its placement) or the fact that the final three holes in Ponte Vedra all feature watery graves. Augusta National, year in and year out, is the absolute best venue for tournament golf because of the time on the calendar, because of the risk/reward holes and, not insignificantly, because of the incredible mythology associated with the championship. Simply the best.