I prefer the TND bike chase. While the tank chase is fun, I usually think of all the destruction that the tank brings with it, especially when Bond enters an alley, and rips the sides of the buildings off. What if people were in there? Still, it's a great sequence.
I'm going with the bike chase because I love the Oriental backdrop (which provides some cultural flavour), Arnold's score, the concept of Bond and Wai Lin handcuffed together (which serves to truly characterise Wai Lin as Bond's equal) and the choreography of the sequence. Starts off on the streets of Saigon, then onto the roofs, then the excellent stunt over the chopper, while Bond and Wai Lin use their wits to get control of the situation. Bond films have always stretched the realm of plausibility, and with the slanted rotating blades to pursue Bond, if it were possible, it would be obviously be horrific. Not to mention it looks real (unlike some of the sequences that came after it), which is why I can suspend disbelief for this sequence. And while there's lots of damage to property in this sequence, it's not usually Bond who is creating it, rather, his pursuers.
The difference with these films from CR and QOS, however, is that they aren't forcing us to take them seriously - they're inviting us to sit back and enjoy the ride.