Trackpoint. It's the lesser of two evils. Touchpads are just too inconsistent in their accuracy in the various notebooks I've used with them. Their easier for quick operation for very short periods of time, but not for extended use. Fortunately, my old Armada M700 has a trackpoint.
But I use the Logitech Cordless Notebook Mouse for my laptop. Uses a device about the same size as a USB thumbnail drive as the antenna and the mouse itself is small enough to easily fit in any bag, but not SO small (like other notebook mice) that it's unusable. Using it right now actually.