In general, I like points competitions- but this may just be due to familiarity. The downside to points for me is that it sometimes leads to stalling. The plus side is that the matches are a defined length- which can help keep the tournament on time.
Sub-only was fun; with the biggest plus being that it generally ends with a sub so there is no doubt that the person really "won" as opposed to stalling out time with an advantage. Downside is that many matches go into OT which often makes the tournaments run late