Like a question about who is the best golfer of all time, Jim C's question is too broad and/or unanswerable, at least IMHO.
Which is a better type of project? The one that gets the best design, because as someone mentioned, design matters. I think the "sincere" renovation architect takes the "first do no harm" and "If it ain't broke, don't fix it" mentality into a project. However, the design process is one of analytics and responses.
As to restoration as an intent, my take always was that there isn't much future in designing for the past, but I understand it is right for some courses (not as many as those here probably presume). The best quote/attitude I have heard about it is actually from Mark Fine who recently told me something to the effect of "We may not end up restoring your course, but we will study all its history and merits before we decide the direction of the design."
For that matter, I also have trouble dismissing all the decisions made by the Greatest Generation after WWII. After about 30 7ears of two world wars and a depression, I understand why they wanted all design to go in a totally new direction.
So, in some ways, the mantra of restoration is a bit overplayed. I guess we could call it historic restoration, because many courses are restored in quality and playability, etc. through renovation, without paying much attention to the actual design history, even if the architect decides to largely model the design style after the original designers.
But, a word about that, pre and during morning coffee on a fall Monday morning.......In what other art/engineering/design field has it been declared that no one can do better than some guys 100 years ago? Or, if you don't try anything new nothing will ever improve? (It might not, but that is part of the ongoing evolution of man) Yes, they preserve some (not all) of Frank Lloyd Wright's buildings and we can revere them, even knowing he had a propensity for too short entry doors and some overhangs that probably need shoring up at some point. And, many historians also say his roofs tended to leak and need to be fixed.
I have no problem with a qualified architect saying a course should be changed. Except for maybe a few hundred courses out there, most of which have probably been done, they start a renovation when they notice their customer base isn't satisfied. In those cases, keeping the same style that hasn't worked financially makes little sense to those paying the bills, just as rebranding a course makes a lot of sense if it is struggling.
For that matter, in life, the architect's original intent really isn't the only thing to consider. Take a golden age course, routed with slice OB with only 100 feet from centerline to property line. A kid gets his eye put out. What is more important, intent or human safety? Personally, I would have no problem with someone proposing flipping it around for safety.
And, that would include my own courses. Recently retired, I have already seen many of my courses change, via evolution, maintenance, and design (including bunker reductions on my own courses by me). Things just change and designing for whatever conditions existed 100 years ago makes little sense in most of the real world. If my courses survive in any reasonable form, I would consider that a win and a testament to their original design, even if details change.
So, I don't share Tom Doak's angst that someone will change my courses in 100 years. I will be dead and not care, but in reality, I expect change, and it doesn't bother me in general now. I do have holes that I thought were pretty darn good, and I agree it would be upsetting if they took a pretty good hole "just because" but would understand if events conspired to render a design decision made long ago, hopefully taking everything required into account, no longer fit the intended purpose at some future date.
And not to be snarky, but Tom and a few others insinuate that many architects take jobs for purely monetary reasons. The irony is that the restoration movement has been one of the great business drivers for those golf course architects who tout it. Now, I don't really believe there are many architects out there that are truly ethically void (or whether deciding not to historically restore a course is even an ethical question.) There are always commercial questions in the design and artistic professions, but most of us live to design, but charge fees to live.
Short version, every project is unique and every course is at a different point in it's evolution, player profile, etc. etc., etc., and needs to have the right to make the decision that is best for them at any given point in time.