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This is probably more of a personal preference type of thing and where your experience lies.
We use more SQL pass because we are more comfortable writing queries that can perform well against our db's.
I think it is also the complexity of your data and how you want to join tables together to get the results you want.
Our main goal is to try and reduce the db calls and reduce the amount of data being sent back to the WF server. Let the DB do it's job and WF do it's job.
That's my two cents. The product is flexible to what you want.
For files with multiple joins and large volumes of data we simply create a sql procedure and have it refresh on our server daily/weekly. We then make a master file out of the table. It feels like cheating but many times we run into JOIN issues and sluggish behavior trying to use master files. Whether it is WebFocus or our operating environment. I can not say.