Interesting, so a lot of people are ok with trolling because it's funny. I can't really say I wholeheartedly disagree, but since I recognize how perverted my sense of humor can ocassionally get, I'm probably not the best person to actually legitimize that argument. Instead, I'll name a possibility: consider that everyone considers trolling funny, therefore, trolls see it as sort of a sign of approval. What would happen? I personally think it would give people a reason to lighten up a bit too much on trollish users. (remember, extremes can burn or cut you most of the time)
Now, to adress the "people are just not able to take a joke" part: That happens every now and then, but accomodating to people and contributing to a welcoming atmosphere in any way that's within my reach (on forums, real life, anywhere) is a personal value I take very seriously. That is my just opinion, though.
To answer the actual question: I think trolling is worse, mainly because the intent is actual damage. I already cleared up that I know it can be dealt with and my personal beliefs motivate me partly, so I hope that seems reasonable enough.
I'll repeat what I said to Axle, I would appreciate it if people would not be so quick to assume that someone in disagreement with them simply is not in the know. I know what trolling is and, be it trivial or dangerously malicious, a troll will not work if people do not react. When people react they are only making the situation worse. Thus, to react to the situation is to make a mountain out of a molehill. To troll and to bully are two different things (Yet can be similar in certain situations). Hence I don't think it is appropriate you bring things like suicide and abuse into this. Trolling can get bad yes. But the difference is the 'victim' actually has a say in how events turn out when being trolled.
I won't pretend to know what exactly you meant with anything you said here, but I think you narrowed down the definition of troll a little bit. They can be pretty persistent in some cases, since you know, the troll's motivations can vary a lot. Really good trolls (not good people, they just know how to incite responses), are a prime example when they are also stalkers. I know not every troll is like that, but I think it's posibility worth considering. Just an observation, not exactly agreeing or disagreeing with you.