Personally, I prefer to hear the bad news first and get it over with. That way, things can only get better. If I hear the good news first, I find I don't enjoy the good news as much because I know something bad is going to come.
It's also been my experience that when the good news is given first, its a sometimes misguided attempt to soften the blow of the bad news. It seems like the intensity of the bad in the bad news is more than the intensity of the good in the good news in cases like this.
What do you prefer to hear first and why? Do you have a preference?