I think each type has its own merits.. Each can be taken down by a single failure.
I would make my decision solely on the price and the amount of space it takes up in the tank..
Personally I decided a long time ago that if I want an aquarium with a sump it will ALWAYS have a proper drilled overflow and will never rely on a HOB type.
There are ways though to reduce and even eliminate any potential failure mechanism with each type of HOB..
The single most important thing to do in a HOB overflow system is to ensure that the return pump chamber of the sump runs dry before the display tank overflows.
Then whatever methods the overflow uses to attempt to maintain a siphon really don't matter.. If the siphon is lost all thats going to happen is that the return pump sits there running dry..