When used right, SEO is simply better. PPC gives the APPEARANCE of being better, but it isn't. Why?! Well... the answer goes on forever, but let me give you one example: let's say my company is on the first page of Google, ranked number one, due to PPC. If I don't EVEN take into consideration the fact that I am PAYING, then I can still show how SEO is better. Because, while [whomever] is showing up number one for whatever keyword combination, I am showing up 2- 37 for the SAME keyword combination/s! Who's going to get more traffic and conversions?! Obviously, me... and that's unpaid baby...
Both services are paid. But as per my opinion SEO is very good if you want to to get high ranking and traffic. In the other hand PPC is better for you if you want to improve website traffic only.
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