i first started with a parabolic reflector with the bulb hanging vertical, the old style one...i used this over a 4 x 4 ft tray and it worked good, reasons i got this type were as peeps have mentioned already, less heat, bigger footprint, simplicity
i changed over to a air cooled hood now made by sunlight or sunleaves, whatever, it was the cadillac of hoods @ that time it was bought...i used it without glass in it and cooled the room with AC, it worked great, i had a perfect footprint for my 4 x 4 tray now, this hood reflects more n stronger light than the parabolic did cuz the parabolic looses more IMO off its hood
and now today, I have finally hooked up the hood correctly with the glass in it, and ducting connected to remove the hot air from bulb n area to control heat....I think whatver losses that you get from having the glass between your light n ur girls you will make for by being able to move light closer now that heat is sucked away,,,radiant heat hasnt been an issue to me,, I only use a single 1 k hps though, i also use a 5000btu AC to control room temps which it does nicley
final note...i have zero experience with the adjustable batwings types of reflectors out the now, and from what i have read , they work great, so whatever works best for the spot you have and the needs you have is how i would set up my room, aircooled hoods work for me, parabolics might owrl great for tex, and someone else will love their batwings,,,, for the difference in yeild, u need to wiegh in other factors too
good luck!