It really depends on what the application is about.
If it's for casual use, I prefer the cleaner, less cluttered, don't-make-me-think approach often labeled "Web 2.0".
If it's a service where I will be spending time actually working (*gasp*), like Google Docs & Spreadsheet, I prefer to have it packed with power features and shortcuts, which you may refer to as "traditional corporate".
But really, it depends on the task that the service needs to facilitate.