Disc, you immediately install, plus for Steam after you install from disc you don't need it again, you could either download the game or install from disc if you reinstall. Provides more evidence that you actually "owned" the game than just having the digital version. Plus you get the box along with it plus what's inside so more for your money's worth.
Oh, you could also just take the code and plop it in Steam if you wanted though disk install is quite faster for many people/ all plus you can play without disc after install.
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