Since the .live() method handles events once they have propagated to the top of the document, it is not possible to stop propagation of live events. Similarly, events handled by .delegate() will propagate to the elements to which they are delegated; event handlers bound on any elements below it in the DOM tree will already have been executed by the time the delegated event handler is called. These handlers, therefore, may prevent the delegated handler from triggering by calling event.stopPropagation() or returning false.
In the past it was a platform issue, Internet Explorer had a bubbling model, and Netscape was more about capturing (yet supported both).
The W3C model calls for you be able to choose which one you want.
I think bubbling is more popular because, as stated there are some platforms that only support bubbling...and it sort of makes sense as a "default" mode.
Which one you choose is largely a product of what you are doing and what makes sense to you.