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Whether a seven or nine game series is "better" depends on your priority.
If you just want more games for more revenue then obviously the nine game series is better...about 30% better. Based on random luck, two evenly matched teams would play an average of 5.81 games in a seven game format and 7.54 games in a nine game format.
If you want the best team to win then the nine game format is going to be better, but not much better. If the teams are imbalanced such that one team would be expected to have a .550 winning percentage against the other then the better team would be expected to win a seven game series 60.8% of the time and 62.1% of the time in a nine game series.
If your goal is to have more competitive series then the seven game format is better. With two evenly matched teams you would be expected to get to at least a sixth game 62.6% of the time and will have a Game 7 just under a third of the time (31.3%). In a nine game series you would expect to have at least eight games 54.6% of the time and would have a decisive Game 9 27.3% of the time.
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