Segmentation is more hierarchal and "pretty" but can be limiting.
For example, if you have a url with three segments, each one passing different parameters to search for a car via make, model and color:
www.example.com/search/honda/civic/blue
This is a very pretty url and more easily remembered by the end user, but now your kind of stuck with this structure. Say you want to make it so that in the search the user could search for ALL blue cars, or ALL Honda Civics? A query parameter solves this because it give a key value pair. So you could pass:
www.example.com/search?color=blue
www.example.com/search?make=civic
Now you have a way to reference the value via it's key - either "color" or "make" in your query code.
You could get around this by possibly using more segments to create a kind of key value structure like:
www.example.com/search/make/honda/model/civic/color/blue
Hope that makes sense..