Waterfall vs Agile, now years for this debate. Well, it is somehow pointless, since both of these methodologies have some benefits and some pitfalls.
In my opinion, it is a choice based only on the real needs of the biz stakeholders and the capabilities of the IT teams.
I used both of them and I find them useful. My personal preference is the Second Generation of Agile, but this doesn't mean that I will never walk just because mankind invented the bicycle.
Just take a look at this juicy article, presenting in a clearly manner the advantages and disadvantages for these 2 different worlds: Waterfall and Agile. Please read it here.
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