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I had the same question, and for various reasons went with a spacer lift, but here are the advantages and disadvantages as I see them.
1. Both spacers and spring give you additional ground clearance, A good thing if you are going to wheel or just want taller tires.
2. Springs give you an advantage at full stuff, tire deep into the wheel well, why because you can't compress the spacer.
3. If you go with a 2.5 spring lift, you should put in a larger bump stop, which probably partially negates the advantages of the springs at full stuff.
4. Its a toss up at full droop, maybe an edge to springs.
5. Ride - this is preference, but you won't know until you actually install your lift. I have a 2 inch spacer lift, and feel that on road the ride is pretty much maintained, maybe corners a little better. I've heard others with the EMU or Rancho shocks in back complain that the rear end is to stiff. You already know what the stock shocks feel like.
6. Cost of kit, If you don't need new struts, springs, shocks, then spacer is considerably cheaper, If your replacing all that stuff anyway, then Spring lift
7. Cost to install, If your doing it yourself, then you are independant of the installation costs (tools and $40 to have struts assembed). If you are having a shop do it, there is a lot of credence in going whole hog.
8. Size of the lift makes a difference, if you go moderate at 1.5 to 2.0, you don't have a lot of the issues that 2.5 lifts have issues. If you go whole hog, then alignment is an issue unless you replace the upper A arms, bump stops are a good idea or you may wreck your struts and shocks (full stuff issues)
9. The most elegant solution is to replace all suspension components, do it right. I didn't because I have a CRD and I was not able to find anyone with longer front springs for the CRD, probably will do replace the rear spacers with new springs eventually, but so far haven't seen any real advantage.
10. I don't think either solution improves your articulation. There are other things you can do for better articulation like adding front sway bar disconnects, removing rear sway bar.
As you can see no easy answer. Video Guy has it right..
_________________ 2005 CRD " Ol' Blue" Red Ryder carbine-action, two hundred shot range model air rifle with a compass in the stock and this thing which tells time. My build page- RL Komodo Rear and TJM Front Bumper, armored, lifted, JBA Steel D30, 4.10s and ARB air lockers.
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