I like crushed coral a bit better; I find the sand looks nicer but it is harder to vacuum, gets everywhere (read: impeller wells) and is a bit more of a pain. If the sand is aragonite sand, it will buffer the water more and raise pH higher (about 8.3 I think) than crushed coral (7.8 or so).
For Rift Lake cichlids, though, either are good choices.
Jim