Hughes without a shadow of a doubt for me and i hate the guy.
Serra with a head clash and a back of the head shot in rd1 and a weak follow up, Hughes recovered and took him down with an excellent sweep/slam.
After that headclash Hughes was never really there, his eyes were totally glazed.
He came in shape, his striking (in the first 90secs before the clash) looked the most crisp it ever has, and his footwork was much better.
Serra is too small for the stronger guys in the division, he has a KO power and sub def but thats about it in terms of what he brings to the top level.