Personally, I've found that crunches are great for the abs... alone.
Situps hit the abs, the hip flexors and more. I haven't found anything that hits all of it like the situp. In fact, if you're doing PT tests that include situps, you NEED to do situps to prepare. I learned this the hard way. Despite doing multiple sets of 50 crunches, multiple sets of leg raises and other ab exercises -- I was shocked to barely get 30 situps in a minute on a test once several years ago! (Muscle specificity rules...)
jks9199 you seem to have hit it right on the money and I agree with you based on my experience. One thing that has been proven for sure is that if you want to do well at a specific exercise or drill that you need to practice it. Look at the professional athletes of the NBA or NFL and how they go to a camp or combine. Now a days almost all of them work with a trainer who specifically targets the drills or exercises that they need to perform to boost their scores.