I used to have cleared out headlights, but now that ive got a set with the reflectors back in.... Im going to say I prefer how they look with them in.
From far away cleared out looks pretty nice, but up close it looks unfinished and weird.
As for bulbs, I use the Chrome dipped ones because they are invisible when off. I had the silverstars in there for awhile but they throw off too much color. LED bulbs would be a sweet idea, accept the way that the stock housing is set up, they stick through at a weird angle.