I got nothing against Iwaki pumps... My cube was running a small Iwaki Japanese pump, forget the model, ~700gph or so. Rock solid, reliable pumps. I've used them in the past, as well.
Two things:
1) Submersible pumps are a bit easier to plumb, and if you plumb them right, a bit easier to maintain. In my current setup, I unscrew a single union, unplug one electrical connection, and the pump is free for cleaning. No mess, no fuss. My last system, I had true union ball valves above and below the Iwaki pump. You still couldn't pull the pump without spilling a cup or two of water. Add in the screws and rubber grommets holding the pump in place, it was a fairly major process to get the pump out and clean it. Not that you have to all that often, but still.
2) Noise. There's a hum to external Iwaki pumps that you just can't overcome. My Eflux? Other than water movement, I can't tell that it's running. In many systems, this just isn't that important... in others, it is.