Both!
I am making the long haul to MVC. I have too much code that readily works in Web Forms. MVC is fantasic, but it sill leaves a lot in the productivty areas such as templated grids and lists, basic UI controls (calender, autocomplete, etc.) and scafolding. These are all areas where Web Forms excels at, but comes off the rails if you want precise control and want to keep things simple.
MVC 3 and EF Code-Only could be a great marriage if they are willing to bridge the gaps between the two. Most people that use Ruby use it for Rails, and ActiveRecord makes that easy to work with.
Also I would love to see a parallel "Feature Pack" project for MVC with MS support, similar to the way they did the Microsoft Ajax Toolkit, that would say have quarterly updates. I find MVC Futures and MVCContrib both lacking. But I know they only have so much budget. So, here's to hoping that MVC 3 changes all that.
