Major limitation with Commodity O-Rings is they don't tolerate much in terms of geometric variation" they do great on shafts and cylinders, not so good if your seal perimeter looks more like a rectangle. Depending on your joint geometry, and the manufacturing quantities, the machining/forming/molding to constrain an o-ring can be quite costly, too.
"Flat", low durometer gaskets may also need constraint, but the easiest overall criteria is assembly and durability: Can I get the O-Ring where it needs to be and will it stay in place while I assemble, and also provide service life after exposure to the operating conditions?
Same basic criteria for gaskets, but as indicated, for gaskets you may need to incorporate some pretty high clamping forces and the corresponding rigidity of the participant components and accomodations for fasteners or similar.