Power consumption will be ever so slightly lower running the higher voltage and that is more than likely due to voltage drop in the smaller wires. Most people will try to cheap-out and run as small a wire as they can get by with to save $$$. Don't do it! It costs more in the long run and it can be a fire hazard!
I like the high voltage, but if you need to use your regular outlet... 110v should do just fine.