A number of people whose opinion I greatly respect have told me that the digital one is less accurate. However, also keep in mind that the analog meter tends to lose accuracy as you move away from the center (+0dB), which makes it difficult to measure the standard 75dB test tone as accurately.

The Lexicon MC-12 that I own allows you to compensate for this by letting you increase the volume of the test tone to 80dB, which allows you to use the meter in its most accurate range.

Jeff