Forum Moderators: Robert Charlton & goodroi
Alt:
For user agents that cannot display images, forms, or applets, this attribute specifies alternate text[w3.org...]
Title:
This attribute offers advisory information about the element for which it is set ...[it] may annotate any number of elements[w3.org...]
By their nature, alt attributes are a more important part of a document, since they are an essential part of it, as opposed to a title which just provides (optional) additional information.
Additionally, an alt attribute is an accessibility feature, whereas titles are something of a usability enhancement.
I always use alt, and add titles if I have the time and they seem like they'll genuinely add something.