Definitely boxed for me.

Here in Germany …
… budget games are cheaper than downloads, due to a highly developed low cost market down to 2.5 EUR per game, not counting compilations.
… clearance items can be even cheaper occasionally.
… many games are cut by publishers to avoid problems with USK and / or BPjM (-> "The Index").
… download versions are only available as official German versions(*). This includes censored games on Steam!
… imports from Austria or Jersey are ca. 1/3rd cheaper than German versions. And usually uncut!

As you can see DD has lots of disadvantages compared to boxed in Germany.



(*) This means the version officially released to retail in Germany, whatever language & subtitle combination it may have. Shooters are almost always cut, RTSes quite often, other action games sometimes. Steam checks the country via IP.