This is a good discussion and a fun question to consider: "the hierarchy of outs"
I'll tell you the out play that infuriates me more than anything is a weak popout - especially the ones to the catcher, first baseman, or third baseman in foul territory. I think a popout is worse than a strikeout - mainly just because I feel like feeling this way.
At least in certain situations, a ground out, fly out, etc. can enable a runner to advance or even score. Such advances are an invaluabe asset to a team, and one which the Reds have woefully struggled with in recent years. I would happily take my chance with a lineup full of guys who can put the bat the ball consistently. So in answer to the question, I think that a popout is worse than a strikeout is worse than any other out. That's just my way of looking at it.
I like Adam Dunn, don't get me wrong - but I do get frustrated in several at-bats when he doesn't cut down on his swing or try to go the other way. Although he creates a lot of runs for the team, he has the potential to create(or set up) many, many more. But I'll take every one of his strikeouts with the production he puts up. I really like what M2 says: "For the hitter, an out's an out. It's what he does when he's not making outs that defines his quality."