i'd have to go with the memory. its more reliable, plus any hard drive interface (i.e. sata2) wouldn't perform as quickly as memory would.
not to mention, with hard drives there are a lot more things to take into account, such as latency (which is what the 15krpm would effect) and bandwidth (which buffer size and interface would effect).. plus there are all sorts of types.
overall though, hard drives can fit a LOT more memory, and memory modules can fit a LOT less, however performing at much faster speeds.
now, if you got 6 of those 15krpm hard drives and put them in raid 0, you might come close to the performance of pc133... but if one hard drive fails then you lose all the info... of course the methods of storage are different... hell it might even beat the memory in a benchmark or two... you'd have to try it.
ultimately, the ram modules are a LOT faster, but they can store less memory.
not to mention, the system specs would effect it a lot too. i mean, look at the latest AMD processors... with added support for DDR2 they easily overcome intels procs in memory bandwidth because of hypertransport technology.