Rehab vs. Rebuild - what generally yeilds more profit?

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From your experience, is there more profit gained from an entire home rebuild (demolition, construction of new house) or a rehab of an existing house? Rebuilds are obviously more expensive to do, but I would imagine they would also sell for significantly more than a rehab house.

In my area, there are a lot of small, old houses on large pieces of land which could probably sell for a lot more if they had a decent sized, new house on it.

Does anyone have any experience with these two types of projects? What are the advantages/disadvantages of each?