Wiki is a pretty cool environment for storing info, overall. Gets my preference.
I have a homebrew and I offer it for play both as an online PbP and as a tabletop but I'm under no illusion that anyone other than me really likes or gets all that involved in it. While I applaud anyone who bothers to come up with their own homebrew, I certainly normally don't go read other folks' stuff when they provide links. Just not into it; likewise, I don't put up links to my stuff because I don't expect others to be into it.
That said, from the rare bits of homebrews posted on the net that I've read, I like the wiki format. I like being able to click through to the parts that I want to read and to avoid having to search or scroll through miscellaneous pages that aren't, to me at least, interesting.