I think they are about the same: neither really has an impact on what I do or how I do it (and if they do, well watch out!). As far as I'm concerned, it's cool with me if you can't/won't work. Formalizing the idea won't make it any worse than it already is; it couldn't possibly.
And frankly, it's probably cheaper that way.
(Isn't that mostly what happens in places that have staggering natural resources to export and no incentive [or capability!] to do anything but count money?)
/jordan