There are two way to create a time lapse video. One with video and the other one with photo. Both basically take the same time or space, but differ with quality and skills.
Video Time Lapse
Taking time lapse with video is turning the record button on and leave it recording on tripod for as long as your devices or camera can support. Most digital SLR camera only can record less than 20 minutes of video and other video camera can record until their batteries and memories ran out.
Taking time lapse with video also create a long and big size of video where only limited to average of time duration for desired time lapse video but the advantage with video one no need to do complicating post processing editing by simply change the speed of the video on the video editing on your computer.
Unfortunately, video capturing not really able to create a quality presentation compare to photo where the dynamic of picture are wider but if the there is no requirement to it, then video is adequate.
There are also some effect that video time lapse can offered where photo time lapse can’t produce such as the ability to change to from normal speed to time lapse which the effect is needed in certain work or presentation.
Photo Time Lapse
Calculating the time between photo shot with the time frame of the lapse, the duration of the lapse is important in photo time lapse before leave the camera on the tripod taking photo continuously.
With photos, there will be more space for longer time frame of lapse where it can extend to daily, weekly, monthly or even yearly if there is no problem in the devices used to capture it.
Nevertheless, the preparation of longer time frame need a preparation to the devices and the camera setting to avoid any differences over the frame it taken such as brightness and darkness and the most important is to avoid any sudden movement in panning and rolling that can waste the great effort.
The advantage with photo time lapse is that now with RAW photo files, the dynamic of the picture are bigger and quality of the photo can be better than our eyes can perceive but not without a adequate skills on using photo editing software and some third party software to make the video of time lapse look seamless and better.
There are some devices enable time lapse to be taken in panning style but application of such method seldom being use unless it was requested to align the camera to point at certain perspective and angle in the time frame like most seen in night skies photography.
Such device can be also use along with video mode lapse but it is not make sense and undesired in its limited time range and quality.
Whether which one is better is depend to the requirement of the situation and what they want to use it for.