if it is for emergancy use then i use both, kinda.......
If you have ever tried to get a casulty into a orange survival bag you will know how easy it isnt!!
What I use (got the idea from a mountain rescue team) is a orange bag cut open to give a large plastic sheet with a foil blanket taped to one side with gaffa tape. It addes next to no extra weight / volume when 'wrapped up' and gives the benefits of both in use.
You wrap the casulty in the sheet with the silver on the inside and it also has the benefit that it traps a layer of air between the two and thus adds more warmth!
I would post a piccie but i'm sure you can work it out (and it takes ages to wrap it up neatly again!
)