"Peoplehood" vs "Religion" is it really an either or?

This morning I was greeted with my daily eJewish Philanthropy update, with the featured lead story titled "Who is a Jew? Peoplehood versus Religion".  Now admittedly, I did not think twice when I glanced at last week's posting of the following Avraham Infeld quote:

"Being Jewish is defined by membership in the People and not by religion."

BUT, in all fairness, out of context this quote didn't seem as "revolutionary" an idea as it does today. For those of us who don't see participation in a religion as one of "membership" the quote seemed simply apropos.

However, upon reading Infeld's supporting and explanatory column this morning, I have to say that he makes the strongest case that I have heard yet for "Peoplehood" as an alternative description to Judaism in place of "Religion".  Especially in the United States, where one often defines oneself by getting caught in the wide cast net of established broad and general terms, having to face the tough question of "who am I [as a Jew]" is often avoided amongst all the loud noise.  What Infeld has done is raise the idea that if I did actually ask myself this question, would the answer simply fall into one's religiosity?  I don't know for sure, but I would definitely enjoy listening in on the conversations.

What do you think?  Peoplehood or Religion...am Yisrael chai, or dat Yisrael chai???