I like racing way more, but i do drift every now and again, and it makes some 1337 looking screenies (look at my avatar for example!). Drifting (imo) is easier to learn, but just as hard to master (ie to keep slides going for long enough to drift cleanly through a turn, and link it to the next turn).
I used to dick about in the demo of LFS, and did for a few days after getting S2, which means that i actually have suprisingly good abilities with doing stuff like handbrake turns, stopping inches from the wall etc, and doing the odd bit of drifting means that i can catch most slides that other people can't seem to.