Klaus,
I have been building my jeep up for 80% overlanding, and 20% technical trail navigation. I have the ARB stubby, and can offer some thoughts for whatever they are worth:
I really like the cleanliness, lines, and features that are designed into this smaller package. You do loose the fog lights, which for me wasn't a deal breaker. I believe LOD and Hanson both had a very similar option that keeps the fog lights, but uses smaller tube for the hoop. The hoop on the ARB bumper was a big selling point for me because it follows the body lines so well, and the scale of the bigger tube looks a lot better (IMO). The package offers good protection for the whole of the front end, less the tires/fenders. This bumper also totally maximizes approach angles both straight on, and on a diagonal which for me has already proven to be a big plus.
This setup does certainly leave the front tires more exposed to an impact, and that is food for thought. I can't really offer a lot of personal experience or insight with this, for which I am thankful. Are the side wings of a steel bumper going to be strong enough to deflect the hit that would wipe out an axle? I don't know... It does seem like splitting hairs. I am confident that I am more likely to take advantage of the extra approach angles than extra side protection during an impact. In my own thought process about an impact that severe, my concern revolves around having communications immediately available for a rapid medical response or support response than I am the vehicle being able to take that seemingly small bit of extra punishment.
Lastly, for an international overlanding vehicle: Where are you going to take the vehicle, and most importantly if you have plans of driving outside the US are you still going to be legal with that little coverage on the tires? The stubby leaves it all WIDE open