Both are said to have their advantages. In terms of energy used there isnt much in it apparantly, The 12 V ones are said to use just as much energy if used with 50w bulbs.
The 12 V ones give a better light output, but I havent noticed a major difference. They are more expensive to install though because obviously you need to buy a transformer for each light, which is also another thing that can go wrong with them, but the lamp life is a lot better than the 230v ones.
The 230v ones are cheaper and quicker to install, but the lamp life seems to be far less than the 12v ones.
I will probably only use 230V (GU10) from now on, as I had a nightmare with my last job, with a loud buzzing noise at the mcb, which was apparantley due to the transformers being incompatible with the dimmer switch. Although the lamp life is less, there is far less that can go wrong with them otherwise.