I've done it both ways. For a while I was using a G4 Powerbook as my only computer, hooking it up at the studio to an external display, keyboard, hard drives, etc., then taking it apart every night to go home. Now I have a dual G5 tower with 4 gigs of ram, a 10K raptor scratch disk, etc., and a Macbook dual-core intel laptop. I do the heavy-duty image processing on the tower, and use the laptop for general computing and some infrequent location editing.
I'd have to agree with your friend. If you aren't taking advantage of the laptop's portability, then a tower is a better workstation. It runs cooler, it's more expandable, it's easier to add that scratch drive, and it'll hold more ram. The new MacPro towers have 4 or 8 cores, and can handle some unimaginable amount of ram (16 gigs? - though I think 8 is the practical limit). The internal drives are bigger and faster.
If you can only afford one computer (not you personally, but in general, for other readers), *and* you need to take it out of the studio, then a laptop is the only choice. The Intel laptops have good power, but they are still a compromise on disk speed and ram. But they'll work if you can only have one computer.
Oh, and taking the laptop apart and putting it back together in the studio every day was a PITA.
--Ken