Physical, most definitely. I spend all day reading things online for one reason or another, when it comes to reading for enjoyment, I want the tactile pleasure of turning those pages as I read.
If it's a book, trees have to be sacrificed I'm afraid. You just can't replicate the experience electronically of holding a book and turning the pages.
For news I always go to the Internet because it's current and I feel I get a better perspective reading from multiple sources.
Always the physical. First of all, I'm a collector, so I want to own and see the books I read. Second of all, nothing beats buying a new book and opening it, or finding an old book, be it on a flea market or elsewhere, and smelling that old book smell.
I prefer newspapers online. I don't read magazines very often anymore but for those, I liked flipping the pages.
Now for books, there are some books I prefer to hold in my hands. But when I was a substitute teacher, it wasn't very efficient to bring a book, then finish it halfway through the school day. I needed to have other books to turn to which is why my Kindle became so important to me. That thing got me through some tough classes while I ignored the antics of 9th grade hormonal boys. haha
It was great finishing a book and then quickly starting a new one, or if a book was awful, I could switch to another one immediately. I enjoyed that flexibility a lot.
I always read the physical copy. I grew up reading physical books and that's where I'm the most comfortable. It wouldn't be that big of a pain to read them online but it wouldn't be my personal preference.
Depends on the situation. At home I like normal books because I can put them in a shelf or sell them afterwards and because I like the way books smell. EBooks are for "mobile use". When there's no space for a book or you just don't wanna carry one.