Well the Iron Bowl isn't really the Iron Bowl anymore, but I'm not saying I miss the game being played in Birmingham. If Birmingham had a quality venue worth hosting the game, maybe it would be worth it.
I would say the "Iron Bowl" is the better game... because it is the season ending game and so much is often riding it on it. It's final. There is nothing left after it, so if the division is riding on the game, there is no chance to get back in the race if you lose. At least with the Cocktail Party there is still a month left and things can happen to turn your fortunes around.
But the ultimatum of the Iron Bowl gives it greater importance, IMO.