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Well, that's a very general question, but I'll give you my insight.
In my experience affiliate beats PPC when the affiliate program is a VERY closely related to your site content. The hard part is finding that perfect match, THEN finding a program that has reasonable payouts and all...
For example: If you have a bike tuning website, I would recommend finding an affiliate program that sells tuning parts and other bike accessories. Then integrating them into your website with carefully planned eye tracking and ad optimization to convert at a decent rate. Usually this step involves weeks if not months of trial and error.
if you have quality traffic, then generally speaking both ppc and affiliate programs should do very well... if neither is working out then you know why.
it makes sense using an affiliate rather then a ppc for web hosting, software, etc.. where you make anywhere from 50, 70 to 100 bucks per sale/lead.. where ppc would only pay out maybe 10 cents at best, per each click.
have to try out both to find out... at least that's what i try to do every chance i get