In many ways, this is a question of personal preference.
That being said, a good shave cream will often provide a more luxurious feeling.
Quality soaps and creams should both be able to produce a rich, creamy lather with the necessary performance for a close shave. Shave cream generally contains more skin moisturizers and therefore leaves the face less dry feeling. There is also a cost consideration but in our opinion the extra money spent on shave cream is well worth it.