Generally speaking, I'd say a DMM is more useful (more accurate, can have additional features, and easier to use IMHO). For example, if you connect the the probes in reverse on a voltage using a DMM, it just adds a Minus sign in front of the value, while an analog meter will swing the needle far left (0 or infinity).
Where a VOM has the advantage though, is if you need to watch trends of slowly changing voltages or currents. A scope can do this as well, so it's far more useful IMHO.
Rather simple, but I hope this helps.