For me (and I can only speak for me

) it is out of question: I like the painted Portraits a lot more than the 3d rendered. My concern is that it is a lot of work to paint 50 portraits. And it is a lot of work during the character customization to click through 50 Images to find the matching. And then again with 50 (just a number I imagined :)) Images you won't get every possible combination of Skin tone, hair color, face type and hair type. Even (becuase of similarity) if you reduce skin tones to 5, hair color to 8, faces to 4 and hair types to 4 you get 640 combinations.
So at the end I like the painted more. But if that means I can't find the matching portrait for my customized char then I would prefer 3d rendered Pictures.

But as said at the beginning that is only my preferation.