Both filtration methods have their Pros.
Sump:
larger than most canisters, so it will hold more media.
Easily add/remove temporary media like carbon, purigen to absorb medicines.
A wet/dry system can remove more Nitrates
no surface scum build up
the churning of the water increases aeration/oxygen exchange, but is not good for a CO2 tank.
You can run the sump in the opposite light period to the tank to reduce pH fluctuation by setting it up as a refugium.
Easier to clean media. You can remove Bioballs or whatever biological filter used and clean all the mulm build up easier than canister filters.
You can hide all the usual tank equipment in the sump, like unsightly heaters.
A sump can be used to house fry.
Water changes are easier with a sump.
A sump increases water volume dramatically. As we all know, the more water volume, the more stable a tank is.
Canisters:
Small foot print
Water is physically forced through filter media. That means you can use finer micron filter to really polish the water. Sumps will never get the same water pressure through the filter media.
Cost is lower, to some extent, for smaller tanks. A sump becomes more economical for large tanks, especially when one canister is not enough to service a large 4ft + tank.
Less evaporation.
Less noise. You can hear the water splashing with a sump.
No need to risk drilling holes in a tank.
No need to worry about overflow, back drain or power outage designs. ie. Too much water will spill onto the floors. No water during a power outage means you need to ensure the media in your sump is still submerged in water.
There are probably more pros/cons that I can't think of at the moment.