drilled overflows are really the best IMO.
but for the two you listed.
HOB
pros: cheap, takes less space than a built in
cons: limited return pump speeds, tends to have bubble trapping problems, "U" tubes can be prone to algae growth on the ******** and need regular maintinence. can be loud.
built in:
Pros: fairly reliable, not generally as loud as HOB. more pump options for the the return pump up to max capacity of overflow. easier to use. not as much maintinence.
cons: take up a lot of space, tanks with built ins are generally more expensive. can be close to impossible to retrieve a jumper from the built in (or a serious challenge at best)