I find myself saying this quite a bit lately but "it is all relative".
PPC is only going to apply in certain instances.
SEO is across the board.
I've seen PPC Campaigns that far exceed the revenue generated from organic SEO. And, I've seen vice-versa. PPC budgets are a determining factor.
I typically recommend both in addition to a host of other options. SEO and PPC are just two pieces of the pie, and its a big pie. :)