I like to think it is effective to use both in a proactive manner. Eliminating either as a strategic tool leaves you short in your arsenal to my way of thinking.
I plan weekly to make sure I get my priorities in place and then work off a daily list to make the most of every day. This way I keep the week in perspective and there are less surprises when I do my weekly review. It also allows me to amend each day's tasks with the weekly perspective in mind.
It also allows me to say "no" to things that don't/won't/can't fit into my schedule.
Do I always achieve everything I've planned? Nope - welcome to the human race.