The pros and cons of each are well stated in this thread. One strong pro for the SPOT is that third option of a message that says, "I'll be overdue, but I am fine." or something similar.
Form personal experience while carrying neither cell phone or GPS, I was okay, but over due for two days. My wife contacted SAR. Standing on a trail alongside a stream and in the woods, I watched the searching helicopter fly just over the trees, so close to me I could even see what the searchers were wearing. I mention the stream because that made the opening in the trees much wider than the trail. I was waving bright orange stuff sack that had a sleeping pad in it for stiffness. The copter turned just below me and went back up the slope. Although I had assumed they turned because they saw me, that was wrong they never saw me and even went right over my head on another pass. Speaking to the helicopter crew later, they said that they hear my same story often from folks they are searching for. Even on a trail, lost people are not easy to find.
Having either device in an emergency situation could save a lot of time in a rescue attempt, if it gives out coordinates.
Now I check in regularly with a cell phone, but my wife has learned that no call means no reception, or so she now hopes. On the JMT that can mean for an entire week. There was no cell phone reception from Red Meadows to Whitney. (VVR has a public satellite phone for hiker use.) Muir Ranch has e-mail, I think)
On the JMT I had wished I had carried the SPOT. You could spend a long time waiting for help if you depended only on word of mouth to get help, and word of mouth as to exactly where you are can often be erroneous.
Read Roleigh Martin's post on page one, re Ranger and SPOT rescue.
I did get rescue insurance from the same company associated with SPOT. They covered me for just a two weeks while on the trail.
http://www.geosalliance.com/index.html
Can you just buy the SPOT service for a month or two at a tome, or do you have to buy for the whole year. It would be nice to be able to have the service activated only for the time you would be hiking.