From what I read flaxseeds are better because they contain a good source of fiber, and fiber is great for making one feel fuller. In additon, flaxseeds are on of the best sources of the omega 3 fat ALA. The oil doesn't contain the fiber. Flaxseeds are really cheap too, you can buy a pound for like 1.30 a pound or something like that. I buy mine at Whole Foods health store and it lasts me a while. Whole flaxseeds need to be grinded up before use, a coffee grinder does the job.
BTW, I'm a 700 Club member too.