I just prefer fishing over catching bugs, so I enjoy the tourney. I still remember playing in it last year and being tedious, though. The Bug Off is definitely more unpredictable, though. With the fishing tourney, you can easily just have bait on hand and then use it to catch many fish at once just by standing in one area the entire time.
Gonna go with Bug Off. I prefer the bells you get from fishing, but catching bugs is a lot easier imo. I prefer Flick as well, although I don't hate CJ.
Plus, you can get the cages and webs from the Bug Off, and they're the only items from either tournament that I actually use.
I like them both, but I have fond memories of the bug-off in June so I slightly prefer the bug-offs. My friends and I all got together and got really good scores. ^^
I'll go with fishing tourney, because I like the rewards slightly more. While catching bugs is incredibly fast during the summer months, I never found that too exciting... Then again, if you're doing it multiplayer, I think the bug-off is probably more fun.