P: Plotters versus Pantsters

If you've talked to other writers you've probably heard from fans of the plotting method or creating a novel and proponents of the pantsters method. 

Plotters outline their story, chapter by chapter and scene by scene.  When they sit down to write, they have a fully designed path to follow from beginning to end.  It's not that they don't let their story meander off that pathway when it decides to take a turn but they plot for a purpose.  To get their story from point A to the predetermined point B.

Pantsters on the other hand usually have a general plan, a big picture so to speak, before they start.  Then they sit down at the keyboard and start typing away.  They fill in all those pesky details as they go.  Often people who write by the seat of their pants will use a 'go-edit, go-edit, go-edit' method where they write a bit and then go back and do some fix up before going forward.

I'm a bit of a combination, light plotting and then filling in most of it as I go.  Talk to a gathering of authors and you'll find both types of writers and receive pros and cons of each.  Many will be a bit of both like me.  How about you?  Plotter or pantsters? Why do you think one method is better than the other?