If you are comparing dolllar for dollar return in this market which is headed downward slowly, I would say laminate will be ahead based on the return on your investment but remember it is a buyer's market now in California and that might just be an excuse for a potential buyer to lower the asking price. If you were to do this last year or even the year before then the hardwood would bring more than it's share of return.
Both have pros & cons for practical purposes, but when it comes time to sell the market dictates what will be the best return on your investment.
A year ago I had clients calling in bright & early requesting to write an offer on a property that they had seen on a listing service online the night before. Granted, they cared less if it was hardwood or laminate, but home prices were appreciating so much that it was irrelevant how much a hard wood or laminate would have brought in return.
Last but not least, determine the dollar amount to be spent on both, labor and material. Ultimately, the laminate will cost less, which means you will have room to negotiate the price down for the buyer that would rather have hardwood, and make them feel that they are winning the negotiation battle and close the deal. (Have someone appraise the house conservatively, and list it a few thousand less, if you want to sell it fast). Otherwise you will be chasing the market by lowering the price constantly.
Hope this helps and good luck.
Henry