This is largely a matter of personal preference born out of trying both. However, there are distinct advantages and disadvantages to both styles:
Advantages of a CASEbound Sketchbook
Traditionally made to last with pages folded, glued and sewn in the spine to hold the book together. As sheets physically butt-up against each other the user can work across the spine providing the maximum surface area. The spine, being solid, can take more knocks and bumps in transportation.
Disadvantages of CASE
When the book is open it takes up a large work space. When material is fixed/inserted in to the book it will 'V' out and no longer close flat. Pages are difficult to remove without upsetting the integrity of the book.
Advantages of a WIRObound Sketchbook
Wiro allows for the book to be folded back on itself useful when work space is of a premium. As the spine is more flexible it can accommodate some expansion when material is affixed to pages . Pages are easily removed from the book.
Disadvantages of WIRO
It is difficult and unsatisfactory to work across the wiro spine between two sheets. Wiro is considered more of a 'temporary' binding and therefore more easily damaged in transit. Regular manual 'closing' of the wiro loops along the spine is required to keep a well used book together.