I normally do foil. Foil tends to keep it more moist (in my mind) and keeps the heat in better for the wait. You'll get less smoke - because paper will still let some smoke through. And the bark often will soften some compared to being wrapped in paper.
Here's a video from Aaron Franklin - he cooks three briskets. Wraps one in foil, one in paper, and leaves one unwrapped - if you want to know the differences. Skip to the end for the results.