Depends on what you can live with in the tank, which will suit your needs best.
I lean the opposite way as many here.
I found a pleasant decrease in the heat in-tank and the power bill when switching from a closed loop to stream-style powerheads. I find [on my tank] that I can visually hide all but one powerhead [and cords] ... but I prefer that method of the two.
As it's on 24/7, that pump sucks a lot of juice IMO.
And for me, ran me close to requiring a chiller.
Do you like to see PVC or cords?
IMO, that's the choice. Now, with everything drilled etc [factor that into the cost, though ... drilling + bulkheads + piping] there's a fair bit of `invisible' cost to the closed loop - or you'll be seeing PVC. When comparing the two, I guess I realized that a cord was about as unnatural to me as short lengths of PVC.
A fair bit depends on aquascape/etc. I didn't regret my closed loop - but one less pump is less power used, less heat added to tank, less tank-noise ... and when I need to re-arrange - it's a few minutes and it's set.
Both seem to have good points and issues IMO - figure which are most important to you, what you can live with looking at.