Personality and appearance both matter. Whenever you see someone, you're not thinking "oh, I want to get to know her brain", you're thinking "damn girl, I'd like to hit that". Attraction comes first, getting to know the person comes second, as it takes plenty of time.
"Damn girl, I'd like to hit that?"
How many people actually think that when they meet a potential girlfriend of boyfriend? I certainly didn't. That's an odd way to start off a relationship.
I know this is posited as an "either/or" thread, and I'd hate to go off-topic, but I do have something to add to the discussion, I think. I'm not participating in part because the woman I'm involved with, and to whom I will be married in the near future, is very pretty and has a great personality, but also because what's left out here is the single most important trait: virtue.
How can you possibly make such an important decision based on the parameters here? I guess a lot of people do, but that's an error; what matters is really an individual's self-control, commitment, and moral fiber. We all make mistakes, none of us are perfect, but heck, serial killers can have great personalities, and "fun" people can make some of the worst parents because they're more interested in being friends with their children than providing them with the proper discipline. That's a major component in this sort of decision. As for someone with a bad personality, they could also be morally decrepit, or they could be far more virtuous. We're not really given that information, are we?
So I'll just say that both of these alternatives sound potentially horrible, and you may as well just flip a coin.