One of my favorite debates.
I spent about 5 years in the braking industry, I was not on the design side, but I spent enough time with the rocket scientists to pick up a thing or two.
Long story short: Drilling a vented rotor can reduce temps by ~200*F. The holes typically have the edge broken with a strait 45* or 60* chamfer. This can lead to cracking...a radius would be better (but is cost prohibitive).
Slotting does not significantly reduce temperatures.
Both slotting and cross drilling do offer one big advantage: an escape path for outgassed particulates (brake dust). This allows the pad a fresh "leading edge" by helping eliminate the boundry layer of outgassed particulates between the pad and rotor. Slotting is more effective at this than cross drilling....but remember the temperature advantage of cross drilling.
With regards to rotor life, the casting is infinately more important than drilling &/or slotting. Cheap rotors are just that...cheap. And usually from a off shore foundry. Quality castings are much more expensive than most of what comes out of China or Korea (we used to use both in the economy line rotors). NA castings were much better, and used on 100% of the premium line rotors (that we sold).
Also keep in mind that not all pads are created equal, and not all pads are appropriate for all applications. They all have a certain heat range in which they perform at their best....so care must be taken when looking at aftermarket pads. As much as I hate to admit it....OEM pads are hard to beat for performance, longevity, and low dust.
Now, if you are looking to improve braking performance...there really aren't many options that are affordable.
You can increase rotor size, thereby increasing the leverage the pads have on the rotating assembly. You'll need bigger rotors, different calipers, brackets, and probably need to tweak the brake bias.
You can increase the line pressure. This involves a different master cylinder, more leverage to the existing master cylinder, or bigger bores in the calipers &/or wheel cylinders...and don't forget the tweak to the brake bias to keep it balanced.
You can change the coefficient of friction between pad and rotor (or drum and shoe). Reducing heat is how cross drilled rotors accomplish this...different type of material used in the pads, different casting, removing the boundry layer of particulates, etc will also contribute.
Really, the first option is the best way to accomplish the goal...unfortunately it comes with a big price tag. Look at companies like Stop Tech LLC, etc...they offer some "big brake kits" (not to be confused with similarly named kits from pep-boys etc, which only consist of direct replacement parts) that come with everything you need.