Buzzy, go the closed loops, if you want to add a bit of randomness put them on timers.
To me the advanges are, cost (assuming you have or can get second hand pumps), being able to hide all the in/outlets and not have ugly pumps in the tank, good flow is under the rock work, and streams can be added later, closed loops are a bit harder to add.
The down side is there is a limit to how much flow around the corals you can get, once my SPS corals get a lot bigger and start reducing the flow I'm expecting to need to add some streams.
Interesting that most of the posters suggesting streams own or work in shops, lol, sorry guys had to say it.
Duke, for this type of movement it's all about the flow round the corals and rock work so you only really need to consider the volume of the display, it's a just rough number and normally people go for far more than 10 times, so it doesn't matter about the rock or if you count the sump or not.
Just a comment about your sump size, I'm using the same return pump and have a standard 4 foot tank as my sump (about 200l if it was full) I have problems with micro bubbles because the flow through the sump is so strong and will be going to a bigger sump once I get round to working it out. The L7 would empty my sump in about a minute if the downpipe was closed.