I got my first Vortech last week, so of course I like it, it's what I decided to buy (a little disclaimer, though I went through this same decision a little while ago). I think (hope) they've worked out a number of the rough edges they had in the original model with the Gen 2 update that now includes a new plastic coated magnet, plastic screw and nut assembly and some updated software for the controller that gives a few new options (like night mode). They are super easy to set up, and easy to move around if you want to change your flow pattern. And it allowed me to keep the warrantee on my new tank by not having to drill holes in it. One downside I see is that you can't point them at anything, but the flow is pretty wide, so it doesn't seem to be a really big problem. And they do show up in the tank, and on the outside of the tank. If you haven't seen one they are about the diameter of a soda can. In my case it's not much of a problem since it will be on the end of the tank that nobody will see since it's facing a corner. But it could be a concern for some. I've seen some people put them on the back wall of the tank as well depending on the shape of the tank.
In the end a Vortech will probably not cost any more than a closed loop, if you count on using a barracuda and a wavy seas to keep it from being nothing but a steady stream. Otherwise your really comparing apples and oranges as a closed loop without any type of switching device is really nothing but a steady flow, and you don't need a vortech to do that, you could get some of the new non-controllable Tunze Stream 2, or the new Koralia Magnums that will be out this month for that. So if a Barracuda is around $300, and a Ocean Motions 4 way is around $380 for one that can handle the flow from a Barracuda your already up to $680 which is more than a single Vortech, and nearly as much as two (a pair of Vortechs will run you around $820). And we didn't count bulkheads, unions, valves, and other misc. plumbing in the numbers, and they add up. I'd bet by the time you factor in the time and effort of drilling the tank, plumbing, and everything, you'd probably have at least $800 into it. And at best you'll get maybe 4000 GPH flow out of it depending on head loss. A pair of Vortechs running at full can do 6400 GPH total, and then throttle down to 2000 on the low end, something you can't do with a Barracuda. The Vortech also has the battery backup option for another $150 that will run them during power outages for 30 hours for 1 pump, 15 hours for two.
The other difference I see right away is power consumption. The Barracuda is going to pull around 225 to 240 watts. A pair of Vortechs will be between 18 to 56 watts depending on the speed they are running. I'm not sure what the per kilowatt power cost is here, but just say .12 per Kw, a pair of Vortechs running full blast would consume about $5 per month in electricity, compared to around $19 for the Barracuda. That's not a huge amount, until you add up how many months you'll be paying that...