is this a trick question? Option 1 gets my vote.

I can't stand Z or T or G for that matter!

Outranking Z would be my choice. Part 'got ya' & screw you.

People don't know they don't have 'full MLS' do they?

Will any of this make me a better representative for clients? A better person?  More knowledgeable? 

I am sure that it depends on your marketing plan, are you shooting for a small intense push, or a broad approach?

A over B

If a business can not be found, it does not exist.

A website can be highly productive and not ranked if other feeder mechanisms are used. As a matter of reality, this option allows the advertiser to be extremely selective regarding in whom they invest their treasure.

Being #1 on Zillow is a prime indicator of one whose ethicss suggest a willingness to dance with evil.

Not an expert but number 2 sounds appealing.

Not enough experience to make an educated guess. Never paid for leads.

I have never paid for leads. That said, I do not believe my choices regarding my website would be limited to either of the choices you ask us to choose from.  
Many have full MLS and rank for many neighborhood communities. 

Who knows what is better today?!

1 will be mine answer

No Clue.

Is this an IQ test ?

Do what produces the best results for your business.

Taking Big Z to school !

I have no idea

I agree with Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D ..A over B.

the top 20 neighborhoods is my entire MLS Peter.  (Rural America)

#1. And you asking because....?

What about having the full MLS feed AND still beat Z/T for a bunch of high value terms?

Don't understand why you imply that by having option 2 you won't rank well. I know you can, I am doing it right now.

Ditto, Corinne Guest and know your market.

   Let me go find a coin to flip.  BRB

Neither.  Closing deals is the thing.

Outranking the top real estate site would mean a lot more traffic particularly over time

So, I want BOTH - here's why...

ALL MLS listings are not on Z - many agents/brokerages in our area have opted out so my full MLS/IDX is better than Z but, because Z is used nationwide and they are the most 'known,' they outrank us.

I would LOVE to outrank them on my 20'ish neighborhoods too but, wouldn't want to limit it to just those neighborhoods (being on the site) because we have hundreds and hundreds of neighborhoods here in my metro area...and I want to have what anyone looking for Charlotte real estate needs!

Yes, I want it all! 

outranking Z

Why is the first option limited?

With over 5,000 community pages on my site, I would say that my answer is you should always be trying to do both!

EXactly,

We have been doing that with our clients since the notion of websites came along.,,A

I work on neighborhoods I like to sell in.

No opinion.

Probably depends on your strategy for the site.  I'd rather kick zillow's arse

 First one. Not sure about cost of all MLS systems

 Z will stay inspite of -23% chopping stock price and commentaries from Wall Street on its models. Lawsuits from NAR with our membership dues did not take out Z.

My guess is to outrank Zillow... but what do I know?

In my opinion Outranking is best!  Having that kind of SEO placement would be great going to any lead capturing site whether no MLS feed or not.  Please share your secret on how you achieved for 10-20 neighborhoods...

Just reading the question the complexity of it all makes my head hurt Peter Mark .

Any day or time Zillow gets outranked its a Good Day!

Have to see what others have to say!

Whichever one (or both) brings in real prospects that can be converted to clients. I am not a fan of either/or...in those situations I typically ask why can't I have both?!