I think it is pretty simple, but not necessarily an easy decision.
If you want a really clean look, go with a closed loop and drill it.
Drill it where?
The back is great but requires you to leave more space behind the tank. Practically, this means that you'll probably be able to see behind the tank (more or less important depending on location) and that your tank is likely to stick out maybe 4-6 more inches into your room (depending on space in your room, this may be a problem).
Having bought a used tank with the holes in the bottom I know that a bottom drilled CL definitely presents some challenges as well (reduced space underneath because of plumbing, stacking rocks around pipes...particularly if bare bottom). Just food for thought.
I've run a hang-on type as well. Other than priming it the first time, they work pretty easily and is probably a good option if your aren't totally committed to the CL. As said, they aren't as clean looking when it comes to getting outputs to the bottom, but if you run it along your overflow and behind the rocks it shouldn't look bad. Black loc-line on a black background doesn't stick out all that much. Just be certain that your hood (assuming you run one) can be modified to allow you to take it on/off without taking the CL out. Also remember that manifolds and other such gadgets for allowing you to place outputs all around the top of the tank are great, except that they make it really difficult to get into the tank and work on it without accidentally bumping them (and possibly blowing the flesh off of a coral or otherwise doing damage by not realizing it right away).
If you don't care as much, high efficiency PH's will probably be cheaper to set-up unless you've already got a lot of the necessary CL parts and may work out better in the long run as far as electricity/temp (I'd need to crunch numbers that I don't have right off the top of my head).
In weighing the decision, remember that closed loops require lots of PVC parts, locline, and bulkheads in addition to the pump. My closed loops are huge, but I spent over $200 on plumbing parts alone to install them (true union ball valves are incredibly expensive and by drilling the tank, I think they are basically mandatory) and I already had bulkheads and a lot of the necessary locline.
A lot of people site leaks as a major concern, but if you install them properly and leak test before you fill the tank, the odds of a major failure are relatively limited (I would personally be way more concerned about an overflow drain getting clogged, overflowing the tank, and causing the ATO--if you have one--to continuously run).
All that said, don't be fooled into thinking a closed loop is the magic answer for a neat and clean tank. I have 2 of them in my 270 (Dart and a PCX40) and I'm still running 4 Koralia 4's to push water directly in behind the rocks and along the overflows (where it is tough for my closed loops to reach). If I didn't have the CL's though, I'd have a lot more powerheads in the tank...