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Both are wonderful. I'm a history buff when it comes to a few things, and Japan is one of them. It might be interesting to see the old times; but very dangerous, and I'd likely get killed if I wasn't careful. There si a reason they were called feudal ages. It's very interesting to study Japan'spast/watch influences from that time period in anime or read it in manga, but these are all from the comfort of our relatively more peaceful time. Modern Japan, as others have said, has done an excellent job of preserving the past. Festivals are still held, and many people still dress in traditional clothing (you can see this in modern kimonos and yukatas, they're still an important aspect of the culture) Castles, shrines and other relics from the past continue to be preserved. But modern Japan is also very "hip" (a word nearly every travel book loves to throw around) and lively. I find this fast-paced lifestyle fascinating, as well.

I can't exactly say that I prefer one over the other, because I love them both equally. The fashion's that come from both times are priceless and beautiful. The music will always be an inspiration as will the modern day performers and people. But that goes without saying that the same would go for the samurai and shogun's of the old times as well. However, it is true that without the old you wouldn't have the new. So I'm glad that both existed.