FW.
Put the new machine in Target Disk Mode (hold T when starting), connect the FW cable to both. On the old machine, use carbon copy cloner to clone the drive. That way, everything will be 100% identical, even Time Machine will think it's still working with the same machine.
This way will be much faster because the copy will be bit-for-bit in sequencial order, but restoring from a TM backup will make the read head jump back and forth from original backup to modified file and back all over the backup drive. I've seen time the difference, it's huge.