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This was a tough one, but I voted for 40k. This is mostly due to the hobby aspect that others have mentioned. While you can do some converting here and there on your WM/Hordes models, you really can't personalize your army to the degree you can in 40k.

It is also easier to get a 40k pick up game going and interest doesn't come and and go as much as with WM.

Still like WM/Hordes though.