if you into big air, or speed, the seat will be better. Also you can hold more power comfortably with a seat, hence why speed freaks use them.
if un hooked is what you want to do then go the waist
i found the seat was more comfy and i could go out on the water for a longer sesh, sometimes though, the harness can give you a wedgie and the straps around your legs get anoying if you are wearing boardies.
mystic make a good range of both.
cheers