I thought the cruise (Disney) was a much better fit for kids. They loved the activities geared specifically to them. I thought the food was generally better on the ship than it was at the All Inclusives (Iberostar Grand Hotel Bavaro, Excellence Punta Cana, Iberostar Grand Rose Hall, ...). I thought the entertainment options on the ship were significantly better than those at the all inclusives.
The all inclusives are less crowded. They are more relaxing. Going to the pool or the beach is WAY better at an all inclusive. The pace is less hurried and you get to see more of the destination. You can do excursions on your schedule rather than the ship's schedule.
I like both of them for different reasons.