Pretty much both (more so the latter), while she has probably the best footsies in the game. She has a pretty predictable playstyle and you really have to have the knowledge of knowing which normal to use in basically every situation.
In Vanilla she was one of the best but the later transitions have knocked her down. One of her best AA's (DF+LK) got nerfed, which hurt her quite a bit. I think if Capcom hadn't nerfed it, you probably would see more.