I far prefer the eraserhead pointer.
The touchpad requires me to move my whole hand from away from where I had been using that hand to type. In fact, I'd prefer never to use any other pointing device, because a mouse has the same weakness. Having to reposition my hand to use a pointing device slows me down and ticks me off.
I always buy slightly used laptops on Ebay, and I've had several nice Toshiba Portege models with eraserhead pointer as the native pointing device. My current laptop is a Toshiba Portege 7200 with an eraserhead. Unfortunately, Toshiba's new tablet PC models come with a yucky trackpad.