Well, our studio is making this decision also. I think that even with softbodies, with all the springs, and collisions you would need, the calculation times could easily be comperable. I would go with cloth. it looks more realistic, with maya3 has paintable attributes, and has less to deal with, ie, no forces, and initial states,
basically i think less can go really wrong with it.
i'm not speaking from experience though. so, take w/ it for what it's worth.