I actually own both decks. The 1909 Art Restoration is probably the closest you’ll get to a true replica of the original “roses and lilies” deck. That said, it does have some drawbacks. The cardstock is pretty thin, and any flaws from the original printing — like misaligned plates or ink spots — are faithfully reproduced. The borders are also a bit odd, which makes sense since those were corrected in later printings after the original run.
The Centennial, on the other hand, is almost just as good in terms of color and clarity. It feels more like it was made from scans of a “roses and lilies” deck that naturally aged and discolored over time. The borders have been reworked nicely, and the cardstock is excellent. There are also lots of options: the standard Centennial, the full Commemorative Edition set, and even a mini deck in a tin. The main downside is the copyright text printed on the cards.
Personally, I lean toward the Centennial. The cardstock alone makes it a pleasure to shuffle and handle, and that matters a lot to me.