Books vs. Movies

A recent New York Times webcast pondered the idea of Books vs. Movies.    What's your take on the issue?  Which is your favorite medium and why?  For my money, some movies are superior to the books from which they spring (Jaws, The Godfather, Ordinary People spring to mind). 

I'd like to also advance a theory of mine that first person books make the worst movies.  Think of disastrous movies like The Great Gatsby.  While movies hold many advantages over books -- the size, the sound, the color, the spectacle, I think books always do better with interior, intellectual and psychological material. (The three novels I named above are third person adaptations). 

What do you think?  Feel free to critique my theory or add your own.  Think of successful or unsuccessful adaptations or compare original material from either medium.