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It depends what you're using it for, surely.
If it's just for a town bike I wouldn't spend big money on either, because you don't have to. I have a shimano hub which was not expensive and I expect will last a long time. It's not as pretty as the more expensive ones though , and heavier.
Busch and Muller make a lot of lights at both ends of the price spectrum - if you don't need/ want to use unlit lanes then the lower end ones are great.
Personally I would spend money on a lamp with good optics.
If you had to put money into either the Hub or the Lamp, what works best?
I mean, cheaper hub more expensive lamp or t'other way around?