Spencer,
I went there several times in the past 20+ years.
In my opinion both directions are about equally interesting.
For train operations Oberwald-Realp seems to be the more challenging one with the spiral tunnel and the almost level level crossings where the water level in the boiler has to be right to "descend" into the flat bit.
For a passenger this (sometimes) adds a few stops to "boil up water".
Even if it is the more expensive option I highly recommend riding firs class. The higher comfort is really worth it.
Make sure you book in advance, when I rode the train this time last year they had to turn away several walk-up passengers when the train was full.
It is a very scenic and relaxing ride.
If you have further questions, don't hesitate to ask!
Urias