Hi
As you say both have merits and it really does depend to a large extent on how many servers on DMZ, how many Public IP's.
Unless you have provider independent Public IP addressing all other things being equal i would go for NAT unless you have any applications that you know will not work with NAT.
I don't think NAT should be viewed as a security function but rather it gives you more flexibility in how you deploy devices. I don't think conflicts with other branches should be an issue because if worse comes to worse you can NAT before IPSEC.
NAT can be a pain to configure in some cases but as you say nowhere near as big a pain as readdressing all your DMZ servers.
Jon