Neither mode should effect the actual physics of vaping. Ohm's law states that power is voltage squared divided by resistance. So think of the relationship as wattage = voltage^2/ohms.
Because the voltage is squared, wattage increases in an exponential relationship to voltage. Translated - as your voltage increases, your wattage increases, but at a faster rate.
BUT...as you vape and the temperature and other factors of your coil change, your resistance will also change. So, using the wattage setting should, in theory, result in a more consistent vape. Given how quickly the heating elements in atomizers dissipate heat, though, the swings are rarely very large.
Short story: if you want a 'set it and forget it' mode, use wattage. But I agree with previous posters that it's more or less just a matter of preference. The beauty of a VV/VW APV is that you can adjust according to your mood. I typically start the day at lower power and increase as I get more bold throughout the day.
Best of luck.