I'm not a tournament skier so my opinions are a bit different that most here. I think @adjules said it best:
For me I would be open for either, I really enjoy skiing, but also enjoy cruising on the boat, 5 mile long ski sets, hanging out with friends on the boat and tying up with other boats, traveling to other bars/resturants by boat, paddle boarding and exploring new areas, boating to a marina and listening to a live band from the comfort of your own boat. Currently we have all this in my back yard, but I can't boat to a "tournament approved" site, however there are 3 "courses" within a 30 minute boat ride. Yes we have a lot of idiots on the water, but with your boat on the water its very easy to get up early and get a ski in before everyone else. I do plan on trying a few tournaments this year, but don't think I will get serious enough to justify living on a tournament lake. I'd choose living on the water on a public lake with a ski course.
Looking at the second point of adjules comment: My wife, she would not be able to live on a tournament lake. She needs that freedom of being able to get away, to explore new areas, to ski for miles. She is easily discouraged when skiing the buoys (sure living on a lake will make her better). Living at a tournament lake would take away some of her enjoyment of being on a boat.
Sure we ski the buoys a fair amount but as a family boating is more of a life style as a whole, not just one aspect of it. The main selling point for me to move to a tournament lake would being able to ski without a spotter, but for me it isn't worth the trade off.
Either way living somewhere your boat is in the water a stones throw from your back door is heaven.