Definately 220, man.. Which is really what outta be feeding your panel in the garage (two 110 lines and one neutral).
Depending on how you're finishing the interior walls of the garage, and the size, you don't even really need to run the individual 220 lines.. but you'll want a breaker box that has the capability in the future, for sure.
My PERSONAL favorite way to run power in a garage, especially in a multi-purpose workshop, is thru the ceiling with drop down cords.. that way you don't have a bunch of extention cords in the floor to trip on or roll over with cart or vehicle wheels.
Obviously, if you're going to have a deticated equipment room for things like hot water tank, air compressor, etc you'll probably wanna pre-wire for required outlets, and put in a few extra for future expansion.. but it won't ever hurt you to be able to drop a 110 or 220 line out o the ceiling if you ever find ourself needing power in the middle of an open area.
