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What is better as a fast, hard-hitting, independantly-operating (and probably outflanking) unit for the Daemons army:

Khorne herald on Juggernout (100pts)
+10 Fleshhounds (160pts)
(sum of 22 T4 wounds, 5 WS7 S6 Ap3 attacks + 30 WS5 S5 I4 attacks on charge)

or
Slaanesh herald on steed of slaanesh with Greater Etherblade (80pts)
+
15 Seekers of slaanesh
(sum of 17 T3 wounds, 6 WS7 S5 Ap2 attacks + 60 WS5 S3 I5 Rending attacks on charge)

What is better?

I hate to answer this way - but it really depends on what the rest of your army looks like. I would also consider a Beguilement locus before I grabbed an Etherblade.

The hounds are more durable, but the Seekers are faster and will annihilate parking lots of vehicles, monstrous creatures, small (and large children).

Also, the Seekers can reroll their outflank side- personally I would go with the Seekers but with Beguilement and a Lesser Gift.

If you do go with the Dogs, put a lesser gift on the Herald and a Locus of Fury - it double the damage output and an instant death Ap2 weapon at initiative is nice to have.