This is purely a personal choice, but here is my summery of it:
Advantages of having a Corporate Trustee: 1] Easier estate succession on death of a trustee 2] Ease of adding or subtracting additional members (eg, child) 3] Greater asset protection & liability advantage 4] Easier to borrow money to invest 5] Greater flexibility to make lump sum payments 6] Good for single-member funds
Advantages of having a Corporate Trustee: 1] No ASIC forms to complete to establish the SMSF; 2] No ongoing ASIC reporting obligations or fees to comply with; and 3] Fewer procedural issues to deal with, as there are more flexible requirements for holding trustee meetings and no need to comply with a company constitution. 4] Cheaper to setup as it has no "incorporation" costs
It is generally agreed that a company structure is the "better" way to go, with serious advantages in the event of divorce or death of a member.
If you want to read more, just Google: SMSF corporate vs individual trustees
