I did a test using 32 IES lights in circular array. They cast shadows onto a bunch of teapots below. They were replaced with photometric lights using the same params as the vray IES lights and thrown into a new layer.
Photo IES with vrayshadowmap@1024: 1:20 / 1371MB
Photo IES with vrayshadowmap@128: 1:03 / 592MB
VRay IES with raytraced shadows: :56 / 576MB
Photo IES no shadows: 0:38
VRay IES no shadows: 0:36
Conclusion: Use VRay IES lights. There is absolutely no advantage to using the Photometric one with shadowmaps in either memory usage or rendertime.
Photo IES with vrayshadowmap@1024: 1:20 / 1371MB
Photo IES with vrayshadowmap@128: 1:03 / 592MB
VRay IES with raytraced shadows: :56 / 576MB
Photo IES no shadows: 0:38
VRay IES no shadows: 0:36
Conclusion: Use VRay IES lights. There is absolutely no advantage to using the Photometric one with shadowmaps in either memory usage or rendertime.
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