I am a coffee freak and I love Cappuccino. I want to know what exactly is the Original Cappuccino. What portion of milk, water and coffee does it contains? And is cappuccino with more foam as good or with less foam?
It's made from 3 equal parts
Milk foam (top)
Steamed milk (middle)
as illustrated (bottom left) on this image designed by Lokesh Dhakar...
There is also some details here, however it does not describe the important split in foam and steamed milk.
For a 3-ounce macchiato, use a 2:1 ratio of espresso to milk; for a 6-ounce cappuccino, 1:2; and for an 8-or-more-ounce latte, 1:3+.
As to the second art of your question, a cappuccino with more or less milk would not be a cappuccino by definition. However would it taste better, that's down to your personal taste and how much you like foam. Personally for me, it would become more a desert ;)