writing a good article that people will be interested to read is better than trying to fake a news event, and being ignored ( at best ).
If a print newspaper wouldn't cover something, you're probably better off finding a different way than press releases to hype a web site. And there's no shortage of ways for an enterprising webmaster to promote a site.
Once upon a time ..... they were those newspaper editors who were the sole authority to decide what is news and what is not. Those days are gone. Now the democratic nature of web has changed the very meaning of the press release. Now it is readers turn to decide what news is about. The news is what I am interested in, not what someone else thinks I should/might be interested in. True, internet is full of hype, newspaper is not free of it either.
The internet PR has revolutionised the very concept of freedom of expression ... let me tell what I have to... it is upto you to listen to or not. Even if, you don't pay attention, search engines definitely will
If given a choice between article submission and press release I would prefer to do article submission before doing the press release as that would get my site those vital backlinks which would be the most important aspect for my site.
Both are great way to add traffic to your site. Article Submission is writing about specific topic that related to your site and can used the article in your blog. Press Release is the way of promoting your site and telling about your product and services.
From a SEO perspective, it depends on how many good social relations you have in press and media. If yes, then do a press release and good journalists will spread your words and links.
I much prefer Articles for having a control on what you write. You can have an Authors Property Rights. Rather than press release once you submit it, editors can change it every time they want!!!...
Writing a unique article for your own site is great, submitting an article to another site sucks, as for press releases, if you've cloned your pet hampster or dicovered a cure for the common cold, tell the world about it, if you've just had a really good bowl movement or something similar, I would'nt bother.