I have trouble comparing the two . . .
Bare handed wins for intimacy, since there's the direct contact, but paddling can be harder, and I like that too.
If I could only have one for the entire rest of my life, I'd probably pick bare-handed. I am very happy that I don't have to make that choice, though!

Actually, while I don't mind spanking, I don't find the act itself innately sexy. I love the feeling of it, which is why I like it... But if I were to say, watch a porn video of just spanking with no sound, it wouldn't really do anything for me. Something is just a little more appealing about a paddle to me! It's more satisfying.