If you need the Service Console available with ESX to manage your RAID cards, then install ESX.
Functionally, they are the same. ESX has the Service Console as another management point, but that's available remotely for ESXi via the vCLI.
The hypervisor (VMkernel) is the same in both.
The advantages to going with ESXi:
No knowledge of Linux necessary to operate the Service Console
Less space consumed on disk (the SC consumes, out of the box, around 8GB of disk)
You don't have to worry about security patches for the Service Console (which is based on Red Hat Linux)
Patching ESXi is more akin to updating the firmware on a switch than patching an OS
ESXi is arguably VMware's future direction
The advantages of going with ESX:
The Service Console gives you a full Linux-based management experience of the ESX host
Individual patches can be applied based on the needs of your envionment
The Service Console provides an install location for hardware management or backup agents
ESX was designed to be installed as a hypervisor and management layer, all in one. Then VMware took the hypervisor and bootstrapped it to be run alone on a host as though it were little more than a compute appliance - hardware to deliver resources to run your VMs with the smallest amount of overhead. This became ESXi.
Pick one and run with it based on your needs. Assuming there comes a day when one is no longer available, I would be comfortable saying that your VMs will be migratable to the new platform with little or no pain.
-jk