I like both, but right now I prefer [name_f]Elisabeth[/name_f].
I much prefer [name_f]Elisabeth[/name_f]. It looks so soft and sweet! [name_f]Elisabeth[/name_f] has a slightly softer s.
Oh boy! This is somewhat tough for me to answer!
I would place my bets with [name_f]Elisabeth[/name_f] only because it
leaves me with the impression of being softer and
more refined looking from my point of view. 
I greatly prefer [name_f]Elizabeth[/name_f].
[name_f]Elizabeth[/name_f].
I pronounce them the same way.
I pronounce both the same way, but my personal favourite is [name_f]Elizabeth[/name_f]. Idk why, but when I see [name_f]Elisabeth[/name_f] i think about the names [name_f]Elisa[/name_f] [name_f]Beth[/name_f] glued together instead of being just one name.