Having owned a plethora of both I prefer a rangefinder for no other reason than I really like the idea of knowing the precise distance to the target, even though I know I cannot hit it exactly 137.4 yards, it makes me feel more confident with my club selection.
The negative is days like Saturday when I was playing in a pea-souper which, even with fog mode, rendered the laser useless at anything over 130 yards.
As for which, keep it simple. I have owned all of the hybrids at one point, Callaway, Bushnell and Garmin with the Garmin Z80 being the most advanced, but the problem is that it does so much you find yourself stood over your ball going through a myriad of motions conscious that your playing partners are all stood waiting for you, wondering wtf is he doing?
Cheap or expensive? Many people will tell you that the cheap ones will give an almost as accurate distance as the top of the range models, perfectly true. However, the main difference between them will tend to be how quickly they pick out and lock on the flag and how confident you can be that it is the flag you are reading and not the tree behind.
My current weapon of choice is the Leupold GX-2i3 which is as rare as hens teeth in this country and generally on the expensive end of the spectrum, but it is the best one I have ever owned.