both?

i concur, both

I would say it depends on where they are living.

In China, both, as with the two previous answers.

Back home, however, they are no different to anyone else.

well, my mother is Chinese and father is American.  being mixed never gave me any benefits in America, except that Asian girls in high school liked me more.  it never made any difference in the states, and honestly i think that's how the world should be.  race doesn't matter.   i've been in china for three years now, and being half Chinese has worked to my benefit more than it has hurt me.  for one, i can play both the "i'm a foreigner" card and the "it's ok, my mother is Chinese" card.  When i worked with children, parents loved that i was mixed.  at the university, it doesn't really matter.  the biggest benefit came when i met my girlfriend's parents for the first time.  they aren't too traditional, but they are from a village up north and haven't had much experience with foreigners.. i was the first.  my mom being Chinese helped out a lot.   

as for the future... i'm not sure.  sorry for making you read all the above to hear this answer...

I think in the future it becomes normal. When you think about it, there are already mixed babies running all over the place. Including all of us who have a chinese bf/gf. If it lasts another mixed baby joins the ranks. So not privileged nor prejudice but common I think. It's a new human race! Lol

Already, my little girl is a superstar in my town.  We can't go anywhere without everyone wanting to touch and hold her. We can't get a moment of peace outside.  She gets far more attention than me.  I've gotten offers and suggestions that she be a baby model but I really don't want any more attention.  And the little girl is sucking it up.  She loves the attention, very unlike her daddy.