immersion will be easier and a little cheaper to make and maintain. with CFC's you have to flush them with sanitiser, and even then you're never 100% certain you haven't got verdegri (sp?) growing in there, while immersion chillers completely dry, and are easier to clean, but may use a littler more water to cool the wort.
as for effeciency, that's a long debate that's been done numerous times! hehe
there is a design for a double immersion chiller on here that seems to do the job in under 20 mins (which is flippin fast!) because convection occurs in the boiler, aiding cooling.
i'm on a meter and actually haven't noticed my water bill going up. i used to be concernced how much water i was using but it worked out to be about 0.7p per litre. so using 100 litres in total for a 5 gallon batch is only about 70p for me.
for me if i'm doing a double brewday, i collect the hot water and use that as liquor for the next brew... as it's hot it takes less time to heat up, saving energy. if not then i send the output to my water butt. this technique gets me around any hose pipe bans too in the summer
(cos your using your hose pipe for beverages which isn't banned :thumb: )
my single coil immersion chiller takes about 45 mins to cool 5 gallons. i'm actually about to make a double coil to get this down further with convection. CFC's take aslong as it takes for the wort to flow through the chiller and into the fermenter, as it's cooling as your collecting... so i'm guessing it's quicker but i've never seen nor used one with my own hands and eyes.
as for using ice, some people have got results by using two IC's... the first one is in a bath of ice water, then the second goes in the wort, so you've got super cool water going into the wort IC. if you plan on using frozen bottles, you'll have to sanitise them... and hope that the hot water doesn't melt them to cracking point :shock: