I second the "Both" answers.
My Porta-band gets used so much, I don't even think I could find my old hand hacksaw, nor do I think I will ever need to use it again (like just this morning I needed to cut a couple of pieces of mild 3/8" rod, and the porta-band was already right there next to the vice...). The portability of the Porta-band is a plus in some cases over a fixed, larger bandsaw. Unless you have really big material or a lot of cutting, the porta-band with the stand is a good compromise.
I agree that the return stroke on a sawzall causes dulling when cutting metal, plus the Sawzall blades have nearly twice the kerf as a band saw to be stiff enough, so they take twice as much "work" by the blade and machine to make the same cut. I would save the Sawzall for demo in wood, and places the porta-band can't otherwise reach.
Key to blade life on the porta-band: Keep the teeth cool, keep them free of chips, and keep the blade from binding up. I often use a few drops of cutting oil with my porta-band. Cutting thick aluminum sections, a little lube keeps the teeth from getting clogged with melted metal.
- Rick