A sump is more effcient on the biological action because of the extra O2 entering the system; O2 is essential to the developement of NH3 and NO2 degradation bacterias. That is why you can use poor efficiency bio media (low colonisation surface) in a sump system. Those medias, scrubbies for example, are cheap as hell.
A canister is a close system that only give to those bacterias the level of O2 already dissolved in the water. I that way, it is less effective biologically. However, we generally put in a canister highly effective bio media, substrat pro for exemple, that greatly outpasses the colonisation surface of bio medias generaly installed in a sump. Those highly effective medias are costly and most budget will not permit to use it in mass in a sump.
In summary, canisters and sump are equaly suitable in my opinion, but the sump is cheaper.
a sump is the way to go. I'm working on a 40+ gallon sump for my 210g. I will incorporate mechanical filtration with Poret foam and use Seachem Pond Matrix for bio.