Spawning or display?
That's the basis of the call IMO. Since you can scape vertically as well as horizontally if you're creative, and since more volume is more volume, I'd say it depends on what you intend. I keep cichlids in both and 55s simply provide more space and better viewing. If you're after a spawning situation in a community-type set-up however, a 40 breeder might work better although having an extra half of a square foot of substrate area doesn't give you much of an edge and could very well be of less value than the extra internal distance of a 4 foot tank for the inhabitants. I do know that the two ends of a 55 present natural territories for different pairs/species more so than is afforded by a 40B, at least my Oblongims and Krobei have demarcated theirs in that respect and there' still space in the middle for the Nics and Pike to occupy without encroaching.
Good point about the 75, especially of you break up the space with lots of wood and stone and plants so that there are distinct vertical as well as horizontal territories.