My tank has a overflow box built on the inside of tank. If I would do it again it would be an external overflow. Here is a few of my reasons. 
 
- Blocks some of the light for the corals. Thus I can't put corals underneath it. 
- Takes up more space in the tank than I really like. 
- External overflows always look cleaner and neater while viewing the tank. 
 
EDIT: Actually more or less the same reasons as Marc. 
		
	
		
		
		
		
		
	
		
		
	
	
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