Communication by joint signal processing from many distributed access points, called Cell-free Massive MIMO, is a potential beyond-5G network infrastructure. The aim of this paper is to provide the first comprehensive comparison with Cellular Massive MIMO. The uplink spectral efficiencies of four different cell-free implementations are analyzed, with spatially correlated fading and arbitrary processing. It turns out that it is possible to outperform cellular networks by a wide margin, but only using the right signal processing. A centralized implementation with optimal processing maximizes performance and, surprisingly, also reduces the fronthaul signaling.