As a leader, which is more important, being liked or respected?

Respected, I would tell my senior enlisted leaders "This is not a popularity contest"

I didn't care if they liked me or not...I was not in a position to be liked or to be their friend. I am the commander or the direct supervisor in a leadership role. They will, however, respect the position...People should always respect the position because of the rank, grade, or responsibility it holds and the trust other leadership has placed in whoever to hold that position. Now with that being said...personal respect is earned. Praise in public, discipline in private...to paraphrase other threads ...take care of the people and the mission will take care of itself.

Respect, hands down. But respect does not mean feared. Your troops need to have absolute confidence in your competence and integrity. They need to be able to come to you when the news is really bad.