Ooh, ooh, excellent question. At this particular moment in time, it's absotively posilutely both. While I like my current city, I dream of living somewhere where "rush hour" is nothing more than a couple dozen cars on the road, the pace is relaxed instead of frustrated, and there are more trees than buildings along the side of the road. (I find this ironic because summers when I was a kid we used to go up to Lake Superior and trees lined the highway and I couldn't stand it!)
I would also be doing what I love instead of working to pay the bills (sort of). I'd be excited to get up and go in the morning, and sad when the work day was over. I'd be productive, energized and proud of what I'd done for the day. I wouldn't be able to not tell people what I did for a living, instead of struggling to explain just what that was. I wouldn't need to buy things like music and movies and books to feel good, my job would do that all on its own.
So yeah, both are just as important as each other. Hopefully, someday this dream will be my reality.