Rolling tobacco is about 10 times cheaper, tastes better, has less chemicals and auto-extinguishes. I hope I don't need to expand on each of these characteristics... it's pretty obvious which is the better kind.
Joints is a whole different matter... I don't mind using rolling tobacco if I'm at home but on the move I admit standard cigarettes are much more convenient for getting high :D
As for toxicity, from what I've read over the years, standard cigarettes have a lot more additives for enhancing the taste, smell, nicotine absorbtion, etc... and the very fact that standard cigarettes keep on burning (supposedly laced with phosphorous or a similar material) is enough to sway my opinion on its toxicity.
However I must admit, the main reason for me to switch from one to the other back in the day was the price.