There is no better. Assuming dirt-cheap photonic connection speeds and handheld supercomputers, there will be tradeoffs regardless of the hardware limitations.

There is no better. Assuming dirt-cheap photonic connection speeds and handheld supercomputers, there will be tradeoffs regardless of the hardware limitations. Ex: you could watch anything on YouTube or Netflix but someone will always be knowing when you start, pause, stop, and possibly the volume you set. Or you could download all of YouTube onto your God-phone and watch to your heart's content without realtime surveillance. As hardware improves on both ends, the decision between centralized and decentralized will rely less and less on the constraints of the hardware, and more on things like consumer preferences.