Debadged. That's how mine came when my dad ordered it. It looks very clean, especially on the white car (the debadged look is also great on a black car). The trunk lid just looks so uncluttered and "sophisticated." My car has a clean look all around ... no pinstriping, no badging, no plate indent on the front bumper.
That's not to say I think badged models look crappy or anything ... and if they were all unbadged, then there'd be too many times I'd see a 124 or 126 in a parking lot and wonder if it's a diesel ... but never know (unless someone gets in and starts it up).

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1987 300D, arctic white/palomino--314,000 miles
1978 240D 4-speed, Euro Delivery, light ivory/bamboo--370,000 miles
2005 Jeep Liberty CRD Limited, light khaki/slate--140,000 miles
2018 Chevy Cruze diesel, 6-speed manual, satin steel metallic/kalahari--19,000 miles
1982 Peugeot 505 diesel, 4-speed manual, blue/blue, 130,000 miles
1995 S320, black/parchment--34,000 miles (Dad's car)