I like both, baking appeals to the engineer in me I suppose. It can be very labor intensive and to me nothing is more intensive than making a large cake. I do one every year for Kai's birthday and making a cake for 15-20 people according to Kai's specifications ("I want chocolate with vanilla and cream and five layers and more chocolate!) can be tricky.
This year I went for a 3 layer Genoise based cake with simple cream in between, covered with a light chocolate frosting. Baking the Genoise takes about 45 minutes per layer which I do the night before. Then on the morning of the party I assemble the thing, layering the cream, making the frosting and finishing it off. The last touches with the piping bag are always the most fun, apart from eating it that is!
Nothing beats watching a small crowd of hungry kids dig into a cake you made with Kai beaming at it all. Makes all the hard work very much worth it!