Well, for me real evil SHOULD be the one (hell, when i DM a
pnp game, which is OFTEN, i always have real evil
) .. but... there are some considerations
First, real evil requires a LOT of explanations. It is certainly nice to know the whys and hows of an evil character, BUT if you do not know them WELL (which means lots of dialogues and explanations and maybe hints of the Evil Character's motivations => a lot of modding and game time) .. then there's the risk of having players who do NOT understand what is happening.
And at that point, the acts of the Evil Character seem just random acts of destruction & madness.
Second, real evil does not become EPIC unless it is VERY WELL done, while cinematic evil is almost always grand-looking. And at certain point of the game you need the feeling of an epic struggle, and it is certainly more difficult to transimit that feeling with real evil.
So, all things considered, i think real evil should ONLY be used if you're confident in your ability to write a story that will become epic anyway, and if you're ready for the extra pain and contents required