Hi Tom,
It depends on the goals for your content. If you have a ton of content that you feel will need to be updated often then a website is probably best. And as far as the subdomain, keep in mind that when you create it the engines see that as a new site so you have to start all over again with rankings for that subdomain.
Some people see this as a negative but there is a positive spin to this. Say your subdomain becomes popular and develops a good Page Rank, etc. then you can cross-link it with your existing website and have another quality link pointing to your website. That's sort of what is happening with my blog on 2create. I have it on a subdomain and had to start over, but now the PR is up to a 3 (which is somewhat respectable) so it's now considered a decent quality link pointing back to my main site.
So if you have a ton of content and feel this information should somehow be set off from the rest of your content then a sub domain may be best. It really just depends on how you want to brand it.
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