For me, A paper wallet is always favourite because of having a secure storage facilities, though in this system your private keys have to be written down so there is less chance to get hacked, but day by day web based wallet is becoming more popular than paper wallet.
Paper wallets aren't really a favorite, and their major disadvantage is that they cannot survive the environment if not stored properly. Even if locked securely within a safe, you could still get water damage, heat damage. Paper simply isn't something that survives very well without good storage conditions.