If your controller is supported for physical RDM, go that route over passing through the controller to the VM.
There are limitations (backup, vmotion, etc.) with VMs with passthrough hardware.
I plan on making on blog post on this topic as I evaluated it for my own use.
My main storage server is a virtualized Win2k12R2 running Transparent RAID. I have an LSI Internal SATA/SAS 9201-8i. It is a well supported card across all OSes and ESXi. The real cool thing is that ESXi fully supports it for physical RDM. Most people have to resolve to forcing RDM through manual mapping, however such configuration is risking for reasons that only VMware and a few of us know.
With supported physical RDMs, you get the full benefit of virtualization and direct disk access and none of the restrictions/issues of passthrough hardware.