I've seen this debated (Yes, on mass. Thank you!) on a few websites. (Check out Edge of Vanilla, for one.) There is no doubt that waiting to cum, makes for a bigger high. However, there's a trail-off. At some point, the orgasms don't get any bigger, or more intense. The other thing that must come into play is: how skillful is your partner at playing you? How well do they know your reactions, and can judge the best time to send you over ther edge?
I think the skill of the teaser will outwiegh belt time, every time. However, to be teased with longer and longer belt times... oh my!