I've taken both. Each format has its strengths and weaknesses.

Live pros:

• Networking opportunities
• One on one access to the instructor
• Natural language/body language
• SANS @Night and other extracurricular activities

Live cons:

• The most expensive way to train
• Time away from your family
• Lost productivity at work
• The sheer amount of information thrown at you in 6 days' time

vLive pros:

• Slow pace fosters more in depth understanding
• Feeling of disconnectedness seems to make the students more willing to work together
• Less expensive with no travel costs

vLive cons:

• Evenings are shot on nights of the class
• Less networking opportunities...there's only one class
• Some topics can feel disjointed with the shorter class meetings

Edit: I meant to say that I would highly recommend the vLive format. I was weary at first, but after about week 1 I decided I really liked it!