For me personally beauty can mean a tons of things. I've met people in the past who had an outward beauty but not a great personality on the inside. Beauty is completely subjective and the well known phrase 'Beauty is in the eye of the beholder' definitely stands true. Everyone has their own tastes.
I think a nice combination of the two is ideal but when it comes down to it, it's all about the personality in my eyes. That can make some truly beautiful as when you have a good heart and are a kind person it makes someone beautiful forever, even when you grow older and the physical appearance gets a little more tired.