I'm not a security expert and I don't know what kind of application you are running or what kind of setup you have. But if I were making a regular ol' web app, I would just go with salted hash.
You're going to store the key (or public key if you're using asymmetric key encryption as you could encrypt the hash of password user provides and compare that to the value from the database) on the application server anyway.
If you're mainly worried about someone breaking into your database server, is it any harder to break into the application server?
If someone tries a dictionary attack through the app server, it's going to take the same number of tries either way. You'll just need to detect and block that.
The only situation in which encrypting the salted hashes is useful is if attackers can get their hands on the encrypted values but not the key. I guess it's up to you to decide if that's what you want for your system.