I don't know re the power, but I'd never buy a non-modular PSU again having used modular in my last few builds. Massive space savings, less hassle with routing, better airflow and just much easier to manage. Worth the extra few quid by a mile.
There is no reason not to go modular unless the price difference between a modular and non modular power supply is huge (even then a modular power supply is definatly worth it for the above reasons).
There's no measurable loss of efficiency with modular. As said above it makes building so much easier and neater without a massive bundle of unused cables in the way.
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