Interesting discussion, all!
I tend to jump between solid hatches and wipeouts. I'll use wipeouts for simple masks, and hatches for complex areas. Haven't used Solids for a loooong time.
My wipeout Rule of thumb: wipeout frames are always turned off. I even toggle them off by default during startup. This gives me full flexibility in how I create the wipeout; I don't have to worry about the frame lines showing up or plotting. I use R. K. McSwain's WF.LSP toggle function
http://forums.autodesk.com/t5/NET/Toggle-wipeout-frames/td-p/2514855 (WF for short) to toggle the frames on and off as needed during creating or editing.
However, after reading StykFacE's post about wipeout's being rasters and causing bloat, I may reconsider.
Solid hatches work nice, except for the color issue. I use 255,255,255 and it works great, if you have a white background in AutoCAD. Unfortunately, not all our users do. So for those with black (or anything other than white) backgrounds, it can be a challenge. I really,
really wish that you could choose a "background" color, similar to Mtext masking.