Definitely go with the hood. I actually removed the Whirlpool OTR that I installed after about 2-3 years and replaced it with a 400 CFM Broan hood. I should have gone with a straight hood from the start, but oh well.
The performance is SO much better. OTR vents have a complex internal airpath (airpath is around and below the oven cavity) and a comically undersized squirrel cage/motor, whereas the squirrel cage/motor unit can be as big as it needs to be in a good hood. Internal airpaths are straightforward, too. Bonus points if it maintains a simple airpath (like a short, straight shot up through the roof or a direct shot through an external wall).
I still won't fry inside--even if I had a true commercial hood with a 1HP centrifugal fan on my rooftop--because of the 'microscopic' grease splatters that deposit themselves everywhere. However, for other cooking methods, it makes it very tolerable for someone who wishes to keep their home free of cooking odors.
My wife was able to roast a turkey for Thanksgiving and, due to the stellar performance of the range hood, I was unable to smell the aroma (I don't like turkey or, for that matter, pork or chicken. I'm a finicky eater even in my late 20s).