Which is actually better on system resources?
That all depends on just how far you want to go in terms of detail. If you intend to have all the hull plates and other details look 3d, go with a normal map in preference to modelling in that detail, because if you modelled it all in you'd be looking at thousands and thousands of extra polys.
However, normal mapping is currently best suited to only that kind of detail. If you need larger or more complex detail, then you'd be much better off modelling it in. An example of this is the Arcadia - even its small detail is too big to accurately portray using normal mapping, so I'll be modelling it in using detail boxes and stuff.
Basically: modelling it in is far less resource intensive than adding a normal map, but only up to a point. Beyond that point you'd be wasting thousands of polys where a normal map could be used instead.
Another thing that matters is engine upgrades. Since memory usage from textures and effects has been one of our biggest problems, that area has received most of the work over the past couple of years. Memory handling is now far superior to what it used to be. The problem, is that now it can't get any better.
Geometry rendering has barely been touched though, and is extremely inefficient. And for 3.7, fixing that is my primary concern. It will likely take of couple of versions to actually get everything updated, but it will be worth it. The collision detection code is also pretty crappy in the efficiency department, but there are some changes that could be made there to improve things as well.
What this all means is that normal maps can only slow things down. More memory used means higher hardware requirements, which translates to it running slower for a lot of people. Using more geometry on the other hand, will slow things down
now, but in the future you could probably triple the geometry used on a ship and have it run at the same speed as it does now, if not faster.
So my advice has simply been to be selective about using normal maps. Use them where you need them, not where you want them. Some ships will do far better with a normal map than with more geometry, so go with a normal map there. Other ships can benefit from a normal map, but to such a small degree that unless you are looking at the ship in the Lab you really aren't going to see any of that detail. In cases like that you are only wasting memory, and more geometry detail would probably be advisable. If you add more geometry and it gets slower then don't worry about it, because we've got a lot of room to work on the code to make it better.