I think both are pretty tough; you'd better be flexible about relocating
and/or not making much money.  One thing to look at is whether you are most
interested in dealing with people, objects or ideas.  Annie Storr (I think)
did an interesting study a few years ago in which 75 museum professionals
told stories about especially meaningful experiences they'd had.  She
concluded that "museum people are particularly susceptible to the magic of
objects -- of real things and places.  They speak to us, they turn us on,
they're fun to touch, they connect us to important things, they give meaning
to our lives, they lead us into and define our culture.  So I'll go out on a
limb and assert that, above all, museum people are object people."

University professors, on the other hand, tend to be more idea-oriented, and
geared to a level of intellectual discourse and research that is rather
difficult to communicate through museum exhibitions and programs.  I would
guess that those museum professionals who have PhDs rarely have occasion to
do the kind of research they were prepared for in graduate school.  However,
a PhD does add an aura of authority and gain respect for a museum
professional, especially from academics.

The area of common ground is the drive to help other people learn about a
subject.  But the learning audience in museums is much broader and more
diverse than in universities.  Think about which appeals to you more.

Both settings can have the advantages of being surrounded by colleagues with
similar values, working in a relatively idyllic environment, opportunities
for public recognition of your work, etc.  And they can have similar
disadvantages, including inadequate funding, rampant bureaucratization and
ugly politics.

I was able to confirm my interest in museum work during art history grad
school through a seminar that organized one exhibit for the university art
museum and an independent study course in which I organized another.  I also
spent some time volunteering in museums both before and during grad school.
I would urge you to get as much museum work experience as you can along the
way, too.  It will not only help you make the decision but position you
better for museum jobs if you decided to go that way (or perhaps to advise
your future students if you become a professor).

Another alternative might be to work in an academic position but occasionally
guest-curate a show or write a catalog essay for an exhibition.

Good luck,
Ann Harlow

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