In the end, which technique you choose might be a matter of convenience, or whether you have a particular setup that you like for use in the conditions of a given venue. There is no categorical difference at all in the sound that you get.
And this is the key point here. In the abstract, given an arbitrary selection of microphone types, you can achieve similar results with XY vs M/S. For instance if you run the usual cardioid mid mic along with a figure 8 side mic, the result is much like running hypercardioids in an XY configuration.
But for the OP, running a BSCS-L microphone which is a single point stereo microphone with selectable patterns (
http://www.busmanaudio.com/bscs_l.html), the choices are a bit more constrained. Running XY hypercardioids is not an option. Basically his choices are:
XY cardioids
XY Figure 8s (i.e., Blumlein if at 90°)
M/S using either a cardioid or omni mid.
My take on these options:
Blumlein is great if you can set up in a spot that has both the perfect ratio of direct to reflected sound AND is just the right distance from the source so that the angle over which you are getting stereo information is neither too big nor too small. Basically you want the sources that will spread from speaker to speaker on playback to subtend an angle of 90° (maybe just a bit less for safety) in front of you. When everything goes your way, it sounds great. But in real life taping situations, you can pick up a lot of chatter from the rear-facing lobes, which are every bit as sensitive as the front. Also, it can be a bit lacking in bass.
XY cardioids - very compressed image unless you are very close to the source (ie the source subtends a very wide angle in front of you). You can improve this somewhat by having the microphone capsules pointed more widely apart, but with LD mics you don't want to run at a super wide angle or you run into ragged frequency response to sources straight ahead, and you get a lot of reverberent information which is not good if you are far away from the source. As DSatz mentions, you can later play around with the width of this recording using an M/S matrix in post, but your starting point will be the equivalent of XY cards rather than XY hypercardioids - i.e. there is no way to matrix/dematrix a pair of cardioids to really match what you get from a card + figure 8.
M/S with a cardioid mid (never actually run an omni myself, though it might be worth trying way upclose) - usually the best real world compromise. Mixes down to what is effectively XY hypercardiods, with the virtual hypercardiods getting a little fatter and angled closer together as you add more mid, and that get more figure 8 like and wider apart as you add more side. This will IMO give you a better stereo image than XY cards most of the time. At least on my LSD2 (a similar LD stereo mic) it tends to result in a more pleasing frequency response than XY cards as well. YMMV.
But for the real world, with your mics, I'd recommend XY cards at 90° if you are onstage or stage lip, M/S if you are further back. Blumlein if you can stick the mic in the perfect spot acoustically and imagewise, AND it will somehow be isolated from crowd chatter in that location.