Here is my review of the Offy versus Aussie 250/4V set up I have now. I'm one of the few that has run both.
http://www.kastang.info/ozversusoffy.html
Now, take my observations with a grain of salt, as all measures of power were only taken with a classic butt-o-meter.
I think for high end power, Offy did a lot better. The Aussie had slightly better low end grunt and torque, but once you got above 4000RPM, the Offy seemed to take an edge. The Offy just sounded amazing at WOT.
When I ran the two, here are a couple of things to take into account. It was the same block and same Comp Cam 260H. The valves on the modified log were standard sized valve, my Aussie head has enlarged valves. Otherwise, everything was the same. Same rear end (at the time), same 4 cylinder T5 (at the time), same ignition, same suspension, etc.
Sure, when you are done with an Offy, you are half way to a CI head, but that's still $600 cheaper for something that is comparable performance wise. Now, if money wasn't an issue, I'd go with the CI head just for simplicity. But that is something everyone has to decide for themselves. I went from the Offy set up because I still intend to do forced air modifications in the future and having a more simple set up will make that easier. Also, I was daily driving the mustang at the time, and having a simple set up just makes driving easier.
For show and wow factor...can't beat the Offy.