I'd say both. Rotating the thrust vector will generate a lift component which can be easily computed and then itself compounded with with the aerodynamic lift component.
On aircraft where thrust can easily exceed the MTOW (mostly military hardware) the thrust component can be extremely relevant, making near-vertical climbs (more a lift-off than a take off) possible. On your average single engine Cessna the contribution is on the other hand probably pretty minuscule and completely dwarfed by the aerodynamic component.
Last edited by Dg800; 29th Oct 2012 at 10:23.