it all depends on how the fish are reacting on any give day to your choice of presentation.
For example, fish may choose to slow presentation of live bait under a float, or completley ignore it and favor the flash of a quickly retrieved lure. Based on what the fish are reacting too on any given day, its best to bring both options to the table and let the fish decide what to choose.
But I would say in GENERAL, IMO live bait out performs artificials even if it is berkley gulp or whatever.