I personally have been using a CPR for 2 years without any problems - however, the
only reason I don't have any problems is because I set up a float-switch emergency shutoff system that will turn off my return pump if the drain stops working or I get a siphon break. I've had it save me once already, so you really shouldn't use a HOB overflow unless absolutely necessary. If you do run an HOB, you really should set up a float switch emergency shutoff.
If I had to chose an HOB overflow now, I would pick the LifeReef since it is a better design than the CPR. If you use the CPR, you MUST have an aqualifter pump on it and it will get dirty and require maintenance every 6 months to prevent it from clogging up - even with a prefilter.
It is a huge pain in the butt to have an HOB overflow and you should just do it right the first time and drill your tank. A glass-holes is a much, much better option than an HOB.
Also, an HOB is going to be
very expensive. $100 for the overflow, another $20 for the pump/prefilter, and another $40 for the emergency shutoff system. Considering you can get a drilled kit for less than $50 WITH a holesaw, it is a poor option unless you have a tank stuffed to the gills with fragile SPS corals and can't break it down.
Here is mine (there is also a GRI leak detector on it too):