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I believe it can a mix of both , knowing the strengh and capabilities of your products will help you to deliver better results through a solid presentation .
Knowing your product, it's features benefits and advantages is more important to make a high pitch presentation.
knowing the capabilities of your products will help you to make a good presentation .
Both are most important parts in sales presentation product that you give your customer as you demostrate it should be like that ...
Both the presentation & product are important. As a matter of fact a good presentation can be delivered only if one possess a good knowledge of the product.
An excellent product that will certainly satisfy the wants and needs of its target market foolowed by an excellent presentation that highlights the features and benefits aimed towards the target audience.
Hence both are interdependent on each other as a great presentation can not be achieved if the product itself is short of customers standards/expectations and vice versa. :)