Well, now there's an interesting topic. Too sad I'm too damn tired right now, but here are a couple of cents.
I have been playing traditional RPG's for about twelve years or more and were in my first LARP about nine years ago. I enjoy both forms of role-playing, although I'm a bit more fond with the traditional way (the lazy bastard as I am). Live role-playing can be a lot more than just running amok in woods with a sword in your hand. Two of the last LARP's I participated were so-called conspiracy/politics/soap opera -games, where the main focus was in the dialogue between the characters. Very enjoyable games, both of 'em.
Zeanra: Where are you from? I'm going to my home in Kajaani (I study now in Lohja) for Christmas and there's going to be a Vampire-LARP there, plus hopefully some other LARP's as well, before I need to come back south (I know we'll play dozen's of hours of traditional RPG's between the Christmas and New Year, but a LARP or two could fit there as well...)
-Villain (too tired to write more)