I grew up with the one on the right, and taught with the one on the left. The wall-crank one was better: it takes any size pencil, even the fat red ones, it's quieter, and it gives you a nice long break over by the coat closet rather than <5 seconds up front at the teacher's desk.
They have the look of something from the early 20th century. That's how I always imagined them, as if my classroom had previously been a one-room schoolhouse.