A matter of personal choice, IMHO.
I use both--when the weather turns nasty here, minus 20 to 30 and below, I use a peep with the tubing. It's much nosier compared to a no-tube peep, drops a few fps more than the no-tube peep--but I'll get it to line up exactly under extreme conditions.
Pine Ridge Archery makes a good Silicon tubing, I change mine 'regularily' it the hope of preventing the tubing breaking at the worst possible time--I try my best to get the better of Mr. Murphy.[8D]
The no-tube peep is alot more silent, works fine-- providing the string doesn't continue to stretch on ya, will gain a few fps (not a big deal)---
But watch it when the temperature dips, especially if you bow is hanging for 4-5 hours in frigid temperatures, contraction takes place and things are not the same anymore.