Your model on the right has more vertices (even after smoothing group splits) because of the amount of edges you put into it so in terms of cost, I believe it's worse.
I think what's better really depends on the model and what you're doing. I would use both. Any area of the mesh that is going to look better textured as a single UV island I would model with support edges.
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I think what's better really depends on the model and what you're doing. I would use both. Any area of the mesh that is going to look better textured as a single UV island I would model with support edges.