The Model exist to track a system-level representation of data, and the View exists to track a user-level representation. So, in a sense, I mean both. There is usually a limited number of views on the user side, and there's little transformation between the two (ie. all that game world data becomes a fixed-size set of viewed pixels.)
This is different from the Observer pattern, from which MVC is modeled from. The Observer pattern is a little more universal, and can apply at the subsystem level or even on just one class. So, don't confuse the purpose of the two.