I myself voted for flow. But actually I believe that form and flow are equally as important. However, most instructors emphasize form and neglect flow, which leads to the habit of having a pause between the different segments of a technique. Bad habits are difficult to curb.
One of my former senseis used to give the example of waltz dancing. You can play the music at slow or fast speed, allegro or whatever (I'm not so much into musical jargon
), and the waltz will still be recognizable. But if you pause the music at every segment, it's not waltz any more.
I'm 100% sure I will get an illustrated reply from shihonage on this one.