The two aren't exclusive alternatives.
CVCS tools provides strong authorization features.
Some have their own built-in authentication mechanism (SVN with svnserve, RTC and its user registry, Perforce and its P4Admin): they can have their own internal user database, dedicated for their tools.
DVCS tools don't. See "Can we finally move to DVCS in Corporate Software?".
No built-in authentication and authorization mechanism.
DVCS: No authentication:
While CVCS can interface themselves with external authentication sources (like an LDAP), DVCS have no choice but to interface themselves to external authentication sources, using only external processes (openssh, httpd, ... since they own internal lightweight server has no authentication contrary to a SVN svnserve).
DVCS: No authorization:
If you have access to the repo path (through file, ssh or http), then you have all privileges on it (read, write, delete, ... on any branch).
If you need a finer-grained access control, you need to add an extra layer to the tool (RhodeCode for Mercurial or Gitolite for Git).
Those constraints mean that a DVCS has usually different use cases than a CVCS within a large company.
For instance, I have put in place both, with DVCS used to allow third-party enterprises to collaborate on a restricted shared code-base with the company.
Considering a DVCS allows for cloning a all repo with its complete history, that meant we had to come up with an import-export mechanism allowing us to export and publish in the DVCS only certain part of the CVCS (large) repo, in order for said third-parties to access only what they need to work on.