A mix of both....the only real vintage piece I have is a Revox B77, though I do have a few recreations of classic gear such as U87 mics and inductor-based EQ's.
Modern plugins are excellent at supplying a whole range of subtle distortions and tonal variations so that you can get the same kind of vintage sound without buying the old gear. This does work better if you have the most truthful sound possible which I guess is why many new, high end mics and preamps concentrate on most accurate possible capture and flatest response, rather than interesting tonal qualities.
The main advantages of getting vintage hardware these days is that playing with real controls and switches is fun and it looks cool
. It is useful in a commercial studio where you are looking for any advantage over competitors. Some unique pieces can help attract the talent
For home recording...there is a big list of things to spend your money on first, starting with a good room and a good instrument