This could get into a debate like which is better, Pepsi or Coke. Personally, I prefer a Voltmeter. They are easier to install (wiring wise) and I prefer not having all that Current running into the cab and back out again. Too much could be done if the circuit is shorted to ground.
The difference is that an ampmeter needs to be installed into a circuit in series to the curcuit you want to measure the amps on. So you have to run the wiring all the way from the alternator (or where you want to pull from) and back again so that the Ampmeter is in line of the curcuit. This is carrying the entire load of the curcuit as well so if you got a 100+ amp alternator you better have some serious curcuit protection and large gauge wiring.
Voltmeters on the other hand can be put in parallel to the cirucuit you want to monitor. The current load is small and can run a smaller gauge wire for hook up and pull right from the fuse panel or directly to the battery.
My 75 had a ampmeter originally and I swapped it out for a voltmeter from a 78-79 truck. I could not use the factory wiring in the cluster, if I did I would have had a total meltdown. I did bend back the tabs in the cluster that the ampmeter snapped into and ran new wires off of the back of the voltmeter to a Keyed on plug in the fuse block and the other wire to ground. This way the voltmeter only is working with the key on. Hook directly to the battery and it will run all the time, killing the battery. I've got a late model 110 amp alternator on my serpentine belt setup and it runs at 14volts all day long, but it is sensitive enough to see the addtional loads drop the voltage down becuase of the higher amp draw. This is when the lights or blower moter get turned on.
As for loosing an alternator that was still pushing 14v with little or no amperage, you could still see the effects of the lack of amp output. dim lights, slower blower fan speed or power window speed. That in addtion to the fact that the battery would probably die after a long enough time of use with no recharge.
By no means are either gauge the best they both have positives and negatives (really bad pun) but they are there to alert the driver of an issue before its too late. You got to pay attention to rest of whats going on in the operation of the vehicle to confirm what the gauges are telling you.
Ever have an oil pressure gauge read Zero but the engine runs fine? Still shut it off right? I have, turns out the line broke and It was pumping the oil out the broken line but as long as it still had oil it sounded fine. Its the same type of situation.