IF you sit in the center, it is no contest: phantom center sounds better in the typical home theater setup (if it does not something is wrong with your pre/pro, speakers, and/or amp). Center channel speakers have too many issues, they have to match/be identical to the front speakers, should be in the center of the screen, the usual center channel MTM configuration does not work well in the horizontal position especially if sitting on the tv (which also causes a lopsided baffle).
The only reason for a center channel is for viewers way off axis.
The only reason for a center channel is for viewers way off axis.